Today's Labour News

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saa thumb medium95 76Bloomberg reports that the South African Airways (SAA) business rescue practitioners (BRPs) have been given an extra month to complete a turnaround plan for the loss-making state airline.  

They can now file their report on SAA by the end of March, they indicated in a statement on Friday.  A majority of creditors have agreed to the extension.  The government placed SAA into business rescue late last year and last week the National Treasury increased the amount of funding available to the carrier to R16.4 billion to help service debt while the BRPs complete their task.  The extension is to allow committees representing SAA employees and creditors to give feedback on a draft version of the plan, while the Department of Public Enterprises would also be given an opportunity to comment, the administrators said.  A final version will then be published and voted on by lenders.

  • Read the full original of the report in the above regard by Antony Sguazzin at Moneyweb


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