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saa thumb medium95 76The Star reports that South African Airways’ (SAA’s) business rescue practitioners (BRPs) believe there is a reasonable prospect that the troubled national airline can be saved despite the inevitable risks and challenges.  

The BRPs, Les Matuson and Siviwe Dongwana, told creditors and employees last month that their plan could be successfully implemented subject to the availability of further post-commencement funding and ongoing support from all stakeholders, including the government, staff, trade unions and suppliers.  Matuson and Dongwana undertook to investigate all options and take into account stakeholders’ input.  “We believe the business rescue process will achieve a better outcome for all stakeholders than an immediate liquidation,” they told the company’s creditors and employees at meetings on 20 December.  SAA, which has over 5,400 employees, has third-party liabilities of over R20.4 billion.  The BRPs were originally expected to outline their plans to save the carrier by Monday, 13 January, but have asked for a month-long extension to 14 February.  After the business rescue plan has been presented, it will be considered and voted on.  At the meetings, Matuson and Dongwana said they were evaluating various scenarios and funding requirements, but still needed to consult various stakeholders to establish their level of agreement and preferred scenarios.

  • Read the full original of the report in the above regard by Loyiso Sidimba on page 13 of The Star of 9 January 2020


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