SAA's business rescue practitioners have earned just over R36m since their appointment six months ago.
SAA's business rescue practitioners Les Matuson and Siviwe Dongwana have earned just over R36m since their appointment six months ago to provide a business rescue strategy for the ailing national airline.
This emerged on the same day that the practitioners requested yet another extension - their fifth - to publish their rescue plan. The plan was due on Monday, but the business rescue practitioners asked creditors for a further extension on the basis of a request by two of the biggest trade unions at the company.Gordhan's reply revealed that, as at May 26, Matuson & Associates had been paid R22.2m, while Dongwana's Adamantem had been paid just over R14m.
He said they did not benefit from the Development Bank of Southern Africa equity bridge loan facility to SAA, other than payment in the normal course of the business rescue process done based on hours spent on the transaction and set down rate for that practitioner. Between December 5 2019 and January 31 2020, Matuson and Associates received R11.5m while Dongwana's Adamantem received close to R2m. They were paid to provide business rescue and restructuring consulting, said Gordhan.
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