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EXPLAINER: What it means for SAA to be in 'business rescue'

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The business rescue plan must be voted on and adopted by the affected parties, which include creditors but also employees.

If the business rescue practitioner finds there is no reasonable chance a rescue plan can succeed, he files a petition for liquidation.South Africa's strong labour laws extend to business rescue. Employees continue to work for the company on the same terms and conditions and must be consulted throughout the process.

Any changes to workers' employment, including layoffs or salary and benefit cuts, must be agreed between the company and employees in accordance with labour laws. Business rescue leaves workers in a better position than a liquidation under which contracts are suspended and claims for salaries and retirement benefits are capped.Company employees also sit near the top in the order of preference for the payment of claims.

They rank just below the business rescue practitioner's own remuneration and the costs of the process. Then come lenders with secured claims dating from before the process began, followed by creditors who provided financing or services after the company was placed in business rescue.

 

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It contributes to SA income in tourism in which many people will attend local businesses for their needs 🚶‍♂️

Liquidation is the better option. If I were an SAA employee, I would have looked for a alternative five or more years ago.

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 /  🏆 49. in JP

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‘Reasonable prospect’ of success for SAA, say business rescue practitionersThe two told creditors that immediate liquidation would see concurrent creditors receiving nothing 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣 This business rescue practitioner will run SAA forever and eat it from the inside out. It's his statecapture. tito_mboweni we'll be asked for more funds in 4 months time. tito_mboweni TreasuryRSA Bruceps brucebusiness Will someone please explain how Dongwana's credentials qualify him for business rescue of SAA Toast FailedState Perhaps its BlackPrivilege BEE / StateCapture Highly unlikely. Should have been liquidated ages ago
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Business rescue practitioner says SAA can be saved - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Business rescue practitioner Les Matuson says there is a reasonable chance that South African Airways (SAA) can be saved. Don’t all BRP’s say that and milk you a lot of money until they can’t. He will have to get rid of the quotas and appoint people on competence Yeah uproot corruption first ✊
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SAA granted extension to publish business rescue plan - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.South African Airways has been granted an extension to the deadline on when to publish its Business Rescue Plan. Why are they constantly bailed out with tax money that could house and feed people - this is ridiculous
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