“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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BUSINESS MAVERICK OP-ED: SAA rescue plan reveals government’s tunnel visionWhat is the point of throwing everything at SAA when the rest of the air transport system and entire industries upon which SAA depends are collapsing?
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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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Restructured SAA no vanity project, but a better business – DPEAn additional 1 000 employees will be retained, while 'productivity and efficiency will guide the performance system' from now on.
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