“Although we are not entirely satisfied with the plan and will deal with the shortcomings in due course, we are relieved that the drawn-out and rather wasteful Business Rescue process is now coming to an end,” the unions said in a statement.
The new flight path for SAA got the support of 86 percent of the banks and other creditors it owes money to., has been appointed the airline's interim CEO.
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BREAKING NEWS: SAA creditors support business rescue planCreditors voted overwhelmingly in support of the plan, meaning the government has to find more than R10bn in funding
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86% of SAA creditors approve revised business rescue plan, new CEO appointedFollowing a creditors meeting held on Tuesday, 86% of South African Airway's creditors have voted in support of the revised business rescue plan. Phillip Saunders has been appointed the new interim CEO.
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