SAA business rescue practitioners project 1 000 employees will be retained

rescue practitioners at South African Airways want the government to fund an initial working capital of no less than R2.8 billion to rehabilitate the national carrier.

In their business rescue plan published yesterday, the joint BRPs Siviwe Dongwana and Leslie Matuson said that the amount would cover R2 bn in restarting costs and that the working capital would be monitored based on operational requirements. They also said R800 million would cover the costs of post-commencement of creditors.

The R2.8 bn cash injection is over and above the R16.4 billion which the government had ringfenced in February for repaying creditors, R2bn to cover the cost of retrenchments and R600 million to pay general concurrent creditors. The BRPs said the outcomes of the proposed restructuring was the commencement of a full domestic network starting January 2021 operated by the restructured national airline.

“The operations of the airline will commence with domestic travel under level 3, and 2, and with international travel anticipated to start under level 1. The airline will slowly start ramping up operations and increase its fleet of aircraft in line with the developments of the aviation sector,” said the BRPs. The BRPs projected that 1 000 employees would be retained, and the remaining employees would be retrenched.

busrep You gna spend 2.8 billion but the ship has already sunk?rather just help the poor and needy and stop injecting money into fruitless debt laden useless enterprises ffs

busrep Rather build houses and support the poor communities in the country!

busrep I’m at a point that I think those BRP are useless. They are just incompetent nje. I would have done a better job.

busrep so what, it is only so rich politicians can sit on their A holes and fly for FREE, State Capture was the baby THE PARENTS ARRIVED x 10 = A N Covid 19 looters and that’s how PresidencyZA and goons are fighting to keep their knees on citizens neck, , all in the name of covid 19

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