Solidarity goes to court to have SAA placed under business rescue

  • 📰 TimesLIVE
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 59%

Malaysia News News

'Business rescue offers an opportunity to make an emergency landing instead of aiming for disaster.'

On this latest bid, Solidarity said it had been in talks with the SAA board, Gordhan and other stakeholders.“Business rescue is no magic wand for SAA. In fact, it drives the crisis to a head with no guarantee of a solution. However, we know that the current path is past the point of finding solutions. The current trajectory would mean an overall collapse of all operations within SAA.

Besides the looming retrenchments, the workers are fighting for a wage increase. The company offered a 5.9% increase for employees for 2020 but they are demanding 8%. Solidarity, however, said that with each passing day of the strike, the state-owned entity continued to lose millions. It said it was time for “a radical intervention by a third party”.

He said agreeing to the business rescue would stop all possible legal processes by creditors to liquidate SAA.Solidarity said SAA was “hopelessly insolvent”.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 28. in MY

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.

Solidarity brings business rescue application to SAA | IOL Business ReportSolidarity has revived its plans against the South African Airways (SAA) by announcing that it is bringing an application to place the cash-strapped airline into business rescue. busrep
Source: IOL - 🏆 46. / 51 Read more »

Solidarity asks court to put SAA in business rescue‘The crisis in SAA not only threatens the jobs of SAA employees, it threatens all workers and taxpayers,’ the union's Dirk Herman says
Source: BDliveSA - 🏆 12. / 63 Read more »