SAA business rescue plan delayed till 14 July, says DA

An SAA plane at OR Tambo International Airport, 14 November 2019. Picture: Neil McCartneySouth African Airways’ business rescue plan has experienced another delay till 14 July 2020 after its business rescue practitioners , along with the Minister of Public Enterprises Pravin Gordhan met with the airline’s creditors and stakeholders on Thursday to vote towards a rescue plan.

DA MP Alf Lees said: “If this is true it would indicate a violation of the public finance management act as the DPE cannot make decisions for parliament about the appropriation of funds. is yet another pointless delay. The whole SAA business rescue plan is based on obtaining a further R16.25 billion in bailout funding.”

Meanwhile, the ministry of the presidency confirmed that Cabinet has received a progress report on the SAA’s business rescue process from the inter-ministerial committee chairperson, Gordhan. “It supports the proposal for a new airline and the concerted effort to mobilise funding from various sources, including from potential equity partners for the uptake of the new airline. This is the only realistic pathway from which a new viable, sustainable, competitive airline that can provide its services,” it added.

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BUSINESS MAVERICK: Flying into flak: Another snag and delay for the rescue of SAAIf there are further objections to the SAA business rescue plan, which would affect its approval, the rescue practitioners are required by the Companies Act to declare that SAA has no reasonable prospects of being rescued. This would pave the way for SAA to be placed under liquidation, which implies its death.
Fonte: dailymaverick - 🏆 3. / 84 Consulte Mais informação »