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Gordhan: Business rescue will restore confidence in SAA

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Public Enterprises Minister Pravin Gordhan has announced that the SAA board has adopted a resolution to place the company into business rescue. He says the decision is supported by government and will help restore confidence in the airline

In a statement in the early hours of Thursday morning, Gordhan said the decision was supported by government and would help to restore confidence in the airline.

“It is also important that the reliance on government finances be reduced as soon as possible and to minimise disruption to SAA services, customers, staff and other stakeholders,” he added. Once a resolution has been adopted, a business rescue practitioner is appointed to reorganise and restructure the business.

In order for the business rescue process to commence and to enable SAA to continue to operate, the minister said existing lenders would provide R2 billion as post commencement finance, guaranteed by government and repayable out of future budget appropriations. The business rescue process will commence as of Thursday and a business rescue practitioner will be chosen to take charge of the business and perform the function of operating the airline with the assistance of management, he added.

On Wednesday night, a letter was sent by the secretary of the cabinet, Cassius Lubisi, to ministers and deputy ministers to inform them of the decision.

 

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When will SA realise that we are run by thugs and mapantinti? Mafias and Dons? Anc is doing what they promised whites pre94. We're just spectators. Everything was decided long ago.

Lets sell to Virgin and get it over with. Lay of 5000 bloodsucking inefficient and untrained louses

Pravin; for 30 years you are part of government, and look where we are today. You are not the right person to lead. Time to step aside and make room for new strategic thinkers with a vision to leverage the African open skies agreement. SouthAfrica

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