Johannesburg - South African Airways said on Thursday that it would try to operate a new provisional timetable, after its board of directors adopted a resolution to place the company into a business rescue process at the earliest opportunity.
SAA said in a statement that the business rescue process sought to minimise the destruction of value across its subsidiaries and provide the best prospects for "selected activities within the group to continue operating successfully". It added that services operated by its subsidiary Mango Airlines would continue as usual, despite the business rescue process.
In a statement, SAA said the board and the executive committee had been in consultations with the shareholder - the Department of Public Enterprises - in an effort to find a solution to the company’s financial challenges. "The considered and unanimous conclusion has been to place the company into business rescue in order to create a better return for the company’s creditors and shareholders, than would result from any other available solution," it said.
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