SAA was placed under business rescue on 5 December 2019 after it filed for bankruptcy.
Ahead of the South African Airways’ meeting with its creditors to vote on its business rescue plan on Thursday, many wonder if the airline will be saved, liquidated or restructured.
The airline’s appointed business rescue practitioners Les Matuson and Siviwe Dongwana were required by the Companies Act to produce a business rescue plan with 25 days to present their business rescue plan to creditors. The idea of privatising SAA has been in conversation in recent months after the DPE opposed provisional liquidation of SAA.of the airline’s business rescue plan.
This comes after the Pretoria High Court dismissed SA Airlink’s application to place SAA under provisional liquidation. SA Airlink claimed that the proposed turnaround plan for the airline wasThe National Union of Metalworkers of South Africa and the South African Cabin Crew Association , who had planned to interdict the creditor’s meeting through court, welcomed the ruling by the high court.
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State pleads for support of SAA business rescue plan | CitypressAhead of the SAA creditors’ meeting on Thursday, government has encouraged creditors, employees and other stakeholders of the national carrier to vote in support of the business rescue plan.
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Public enterprises dept calls on creditors to support SAA rescue planSAA's business rescue practitioners are set to meet the creditors on Thursday, to vote on the airline's rescue plan.
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'SAA business rescue the best plan for everyone'The department of public enterprises has urged creditors, employees and other stakeholders of SAA to vote in support of a business rescue plan for the airline.
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Unions welcome court ruling paving way for vote on SAA’s rescue plan
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Airlink disappointed with court decision to allow creditors to vote on SAA rescue planChief executive and managing director Rodger Foster said 'Airlink fails to understand how creditors can be expected to make an informed decision when asked to vote on the plan at tomorrow’s meeting'.
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Court says SAA creditor meeting to go aheadPublic enterprises welcomes the judgment, saying it believes the business rescue process can see SAA become sustainable and competitive
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