Solidarity goes to court to have SAA placed under business rescue

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”.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

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
Источник: IOL - 🏆 46. / 51 Прочитайте больше »

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
Источник: BDliveSA - 🏆 12. / 63 Прочитайте больше »