The minister’s plan has been developed with trade unions and a business consultancy
Public enterprises minister Pravin Gordhan will, on Friday, present “an alternative” plan for the rescue of SAA, developed with the help of trade unions and a business consultancy that previously worked with the airline.
Gordhan also accused Matuson and Dongwana of having caused countless delays to the finalisation of the business rescue plan. SAA has been in business rescue since December 5. Under normal circumstances, a business rescue plan must be put to creditors for approval within 30 days, but extensions to at least 60 days are common.
In April, Gordhan informed them that government was unable to provide any further funding. Matuson and Dongwana, who have said that they could not produce a viable rescue plan without the funding in place, announced to creditors that only two options remain: a structured wind-down or liquidation. A wind-down involves the packaging and sale of assets, in the form of new businesses, where possible.
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