South African Airways in "Business Rescue" as from 05 Dec 2019

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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

Post by TLspotting » 13 Feb 2020, 20:41

South African Airways may sell its two prized nighttime slots at London Heathrow as the state-owned carrier battles to stave off financial collapse.

South Africa’s Treasury’s says the government refused to provide guarantees to South African Airways due to the airline’s inability to finalize financial statements on an ongoing basis.
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

Post by TLspotting » 14 Feb 2020, 20:24

SA Express enters into the Business Rescue process to ensure the long term sustainability of the airline. All operations to continue as normal.
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

Post by Passenger » 15 Feb 2020, 09:27

TLspotting wrote:
14 Feb 2020, 20:24
SA Express enters into the Business Rescue process to ensure the long term sustainability of the airline. All operations to continue as normal.
SAA went into Business Rescue by decision of their own Board.
SA Express was put into Business Rescue by decision of the Johannesburg High Court, on request by Ziegler (logistics) because of unpaid bills.

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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

Post by sn26567 » 27 Feb 2020, 22:32

South Africa government set aside US$1.1 billion for South African Airways. after the company was placed under voluntary business rescue in December 2019.
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

Post by Passenger » 28 Feb 2020, 13:51

Passenger wrote:
22 Dec 2019, 00:52
TLspotting wrote:
21 Dec 2019, 21:09
South African Airways has a reasonable chance of being saved, according to turnaround specialist Les Matuson, who was appointed to try and pull the state-run carrier back from the brink of collapse.
The deadline for the Business rescue plan is indeed extended until 29th February 2020.
And yes, there is a "reasonable chance" that SAA will be saved. Just like there is a "reasonable chance" that the business rescue practiziser will finally conclude that debts from the past and the current salary bill don't allow a long term solution.
The majority of creditors have accepted a new deadline for the publication of the business rescue practitioners' plan to save SAA from liquidation. New publication date is 31st of March.

(source: news24.com)

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