SAA placed under business rescue - but what does it actually mean?

There is also the development and implementation - if approved - of a business rescue plan to rescue the company by restructuring its business, property, debt, affairs, other liabilities and equity.

“Once a resolution is signed, there are prescribed time limits in the Companies Act to identify the business rescue practitioner and to appoint the practitioner,” he said.Lisinski said the board, executive and shareholder would cease to to have control once the practitioner was appointed.“On the financial side, there are huge loan agreements and the business rescue practitioner can assess if these can be restructured or renegotiate better repayment terms.

U did not explain anything

Super angle. Looking forward to more thoroughgoing insights on this complex developing story. Beyond the equally important rands and cents narrative, the 'big men' politics. Phela, even at SAA, people are working there. Not stones. Not beans.

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Government to place ailing SAA under business rescueThe move potentially draws a line under the crisis — if a rescuer can be found.
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