SAA BUSINESS RESCUE PLAN APPROVED
The South African Airways (SAA) business rescue plan has been approved.
This comes after 86% of the proxies voted in favour of the national carrier being rescued at a creditors’ meeting held on Tuesday.
Speaking to Jacaranda FM, rescue practitioner, Siviwe Dongwana, said he’s pleased to have the backing of government.
“Government is in full support of the plan and is committed to raising the requisite funding.”
The decision means that the Department of Enterprises is now in the position to launch a brand-new airline with an interim board and the newly announced interim CEO, Phillip Saunders.
The interim board will be announced in the coming days.
The Department of Public Enterprises has pushed for the national carrier to be rescued and not liquidated. According to EWN, the new airline will need approximately R10 billion to get off the ground and pay its creditors.
Image credit: ENCA