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Business Maverick: SAA rescue plan to be implemented but big questions still hang over funding for the airline

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Most of the conditions for implementing SAA’s business rescue plan – including how the restructuring of the airline will be funded – have been met, the airline’s business rescue practitioners have declared. There isn’t any indication yet about how the government will raise more than R10bn to fund SAA’s urgent cash needs.

The SAA business rescue practitioners have moved to finalise and implement a plan to restructure the state-owned airline, even though there isn’t yet a firm decision by the government on how SAA’s urgent funding requirements will be met.

The implementation of the rescue plan has been bedevilled by delays since SAA was placed under business rescue on 5 December 2019 because it did not have working capital to fund operations. The amount owed to banks is backed by government guarantees – meaning the fiscus or the taxpayer will be on the hook for repayments if SAA cannot repay the money. The fiscus will likely step in as SAA is financially distressed.

 

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