South African Airways business rescue practitioners have sent another letter to unions and creditors, emphasising that the entire workforce needs to be retrenched.
They say they need to wind down the national carrier structurally to avoid liquidation.
Given the fact that the practitioners have no further funding, the practitioners have considered whether they can develop a business rescue plan which secures a better return for SAA‘s creditors than would result from its immediate liquidation.
This entails a wind-down process which would envisage the termination of the employment of employees by agreement (with severance packages being agreed), a sales process being undertaken which will ultimately result in a distribution of such proceeds to affected parties who are entitled thereto in terms of the business rescue waterfall”, read the letter. This comes after the government denied the embattled airline a further R 10-billion in funding.
The rescue practitioners have given all parties involved a deadline to sign the termination agreement, otherwise, they will have to apply urgently for an order to discontinue the business rescue process, and liquidate the airline. They say employees will not receive full severance pay if this happens.
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Source: eNCA
