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

Post by TLspotting » 06 Mar 2020, 21:23

South African Airways is evaluating four outcomes, according to a draft business rescue plan, which includes a complete liquidation as well as a transfer of all assets to subsidiary Mango.
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

Post by TLspotting » 10 Mar 2020, 20:04

SAA has begun consultation process for job cuts.

South Africa government has expressed concern over plans to halt SA Express flights, after business rescue practitioners presented “wholly inadequate” plan to turn the airline around.
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

Post by Passenger » 11 Mar 2020, 09:57

TLspotting wrote:
10 Mar 2020, 20:04
South Africa government has expressed concern over plans to halt SA Express flights, after business rescue practitioners presented “wholly inadequate” plan to turn the airline around.
The above statement from the South African government is contradicted by the business rescue practisers. The BRP's were appointed by the Johannesburg High Court, against the will of the government (sole owner of SAX).

These articles, with free access, make clear what is really going on:

8th March 2020:
https://www.dailymaverick.co.za/article ... a-express/

10th March 2020:
https://www.dailymaverick.co.za/article ... e-airline/

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

Post by TLspotting » 11 Mar 2020, 16:56

FlySafair interested in buying Mango, lowcost arm of SAA.
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

Post by Passenger » 22 Mar 2020, 18:05

Last Friday, the business rescue practitioners have asked for a third extension of the deadline - now for an aditional two months. Reason: corona.
https://www.fin24.com/Companies/Industr ... n-20200322

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

Post by Passenger » 24 Mar 2020, 11:18

SAA's international flights are grounded - and this leads to renewed calls to put SAA out of its misery:
https://city-press.news24.com/Business/ ... y-20200324

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

Post by Passenger » 28 Mar 2020, 10:37

On Friday, Moody's has downgraded South Africa to junk. As a result, the ZAR (Rand) jumped to its lowest exchange rate ever (now EUR/ZAR R19,64 and USD/ZAR 17,48).

At such rates and with a cash drain for the next months, there is no way that SAA can afford to pay the leases for it's aircraft, like the brand new 4 A350-900's. Dit maak my baie hartseer, but it's time now for the Business Rescue Practisers to tell the relatives that the lung heart ventilator will be switched off.

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