No decision yet on SAA Business Rescue Proposal – SA Government

Share
Tweet
Post
Send

The Public Enterprises Department says it has received a draft Business Rescue Plan for South African Airways, which is under business rescue.

The department’s spokesperson, Sam Mkokeli, on Monday said government has not yet discussed the plan and no decisions have been taken on some of the proposals it contains.

The airline went into voluntary business rescue in December and introduced a radical restructuring process to ensure its financial and operational sustainability to reduce its ongoing impact on the fiscus.

“The draft plan has been prepared by the Business Rescue Practitioners and is meant to be discussed by various stakeholders, including creditors, employees, and government.

“President Cyril Ramaphosa on Sunday told members of the South African National Editors’ Forum that he saw a good future for the airline, which enjoys support right across the continent. The aviation industry plays a pivotal role in the battle against Coronavirus, as Johannesburg could be a hub to distribute Covid-19 medical supplies,” said Mkokeli

.

He said a viable aviation industry would also anchor many efforts to revive the country’s economy and create jobs.

“Government has embraced the restructuring process as part of a path to a new, dynamic and financially viable airline that will serve South Africa’s economic and strategic interests.”

Mkokeli said the department would review the plan, explore various funding options, and communicate its decisions in due course.

Share
Tweet
Post
Send

Related Posts

Sponsored

Follow Us

Follow Us on X

At ITT Future You, newcomers gain valuable career advice from travel's top achievers.

Jamie-Lee Abtar shares how attending WTM London as a tourism undergraduate led to 2 life-changing internships.

#VoyagesAfriq Join the Ultimate African Adventure at Sarit Expo Center, Nairobi, December 2-4, 2024!

Explore the continent's diverse cultures, embark on exciting journeys, and forge unforgettable connections.

Uncover the authentic African narrative

https://essenceofafrica.travel/

The 2024 Limpopo Investment Conference saw major commitments from investors, cementing the province's position as a key economic hub.

Nov 7-8 conference connected private and public sectors, paving the way for growth and job creation.

#VoyagesAfriq In the summit session on AI innovation, a keynote delivered by Veemal Gungadin, the transformative impact of AI on associations was highlighted. Gungadin, from the event tech company Gevme, shared insights on the accelerated adoption of AI, particularly generative…

4

Load More