SAA business rescue expected to be completed by end of March

The South African Airways (SAA) business rescue process is expected to be completed at the end of March.

The national carrier was placed under business rescue in December 2019 amid allegations of mismanagement, which left the airline in dire straits and unable to pay its debts.

However, the practitioners clarified to creditors and employees that they still have to finalize outstanding issues.

The practitioners intended to hand back the company, ending the 15-month rescue process.

In a detailed notice to affected parties, the practitioners outlined all the outstanding matters to be completed by the end of the month, including payments to creditors and employees.

The practitioners, who described the airline as “solvent and liquid”, will then be expected to hand over SAA’s affairs to the interim board and management.

They also confirmed SAA management was working on a plan to get the airline flying again but did not provide a timeline.

-EWN

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