SAA will try to operate new provisional timetable now that company is under business rescue | IOL Business Report

  • 📰 IOL
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

SAA would try to operate a new provisional timetable after its directors adopted a resolution to place the company into a business rescue process. busrep

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

busrep 'try'

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 46. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

DA pleased SAA will be put into business rescue | IOL Business ReportPravin Gordhan said that the next best option for embattled the state-owned South African Airways is to be placed into business rescue. Of course they will be, it’s been their tune for over a decade akere Can it be that afriforum “convinced”Luthulihouse ? WHO is pleased?
Source: IOL - 🏆 46. / 51 Read more »

Rand dips ahead of GDP data | IOL Business ReportAnalysts polled by Reuters have predicted a 0.1 percent GDP growth in the third quarter of 2019 in seasonally-adjusted quarter-on-quarter terms.
Source: IOL - 🏆 46. / 51 Read more »

SA growth dips as construction industry fails to pull out of recession | IOL Business ReportThe country’s mining, manufacturing, and transport sectors were the biggest drags on growth in GDP, the national statistics agency said. busrep
Source: IOL - 🏆 46. / 51 Read more »

Twitter makes global changes to comply with privacy laws | IOL Business ReportTwitter Inc is updating its global privacy policy to give users more information about what data advertisers might receive.
Source: IOL - 🏆 46. / 51 Read more »

Most expensive transaction on Black Friday was over R10m | IOL Business ReportBlack Friday and Cyber Monday continue to be a hit in South Africa with both days exceeding expectations.
Source: IOL - 🏆 46. / 51 Read more »

MTN disagrees with SA regulator's recommendations on data costs | IOL Business ReportMTN said on Wednesday it disagreed with the analysis and recommendations of the Competition Commission. 🙄🙄we knew they will fight this Of course they would. They are making the poor poorer. Typical capitalist attitude. By the way I am also a capitalist but retired from the rat race. I see things from a totally different perspective now. Because they want maximum profits they are used to. Should the have said the prices are too low, would have had increased the prices already by now 🤔🤔🤔
Source: IOL - 🏆 46. / 51 Read more »