High court orders ailing SA Express to undergo business rescue

be placed under business rescue for failing to settle its debt of R11m to global logistics firm Ziegler SA,In September 2019, SA Express received a government bailout of R300m to ease its operational and financial challenges. In 2018 it was granted a R1.2bn guarantee that the airline reportedly said was swallowed by historic debt.it had instructed its attorneys to apply for leave to appeal the ruling.

The airline, however, has argued that there was no need to place it under business rescue because the contract with Ziegler, which was signed by former CEO Inathi Ntshanga in 2017, was irregularly obtainedDippenaar ruled on Thursday that “SA Express is placed under supervision ... and business rescue proceedings [must] commence”. Daniel Terblanche and Phalani Mkhombo are appointed as the join interim business practitioners of SA Express,” the judgment read.

SA Express spokesperson Mpho Majatladi said the court “went over and above what it was required and granted orders not sought by the applicant”. “The court has also not made any order on whether the matter was urgent or not, in circumstances when the urgency was specifically opposed. The company has instructed its attorneys to apply for leave to appeal, which leave will be filed as soon as it is considered and settled by senior counsel.”

SA Express is always late and experiences too many breakdowns. It is dangerous to fly their planes.

😂

Looks like you got another mighty fine dead horse there... friend

everything is falling apart

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

High court orders ailing SA Express to undergo business rescueThe cash-strapped airline has failed to settle its debt of R11m to global logistics firm Ziegler SA Close them down. Get rid of the bee quotas as they are to blame for the failure of all the SOEs GovernmentZA GautengANC CyrilRamaphosa prea
Source: BDliveSA - 🏆 12. / 63 Read more »

SA-Germany ties | There are more than 600 German companies operating in SAPresident Cyril Ramaphosa says there is a need for German businesses to expand operations in South Africa. He was speaking during a media briefing alongside ... YouTube And they all need electricity to survive. Moreover, they are innovative in their nature and therefore, innovative measures proposed should be subject to economic growth. Policy stands to be key in enabling such desired innovative interventions. There are Jobs to be unlocked
Source: SABC News Online - 🏆 32. / 51 Read more »