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

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

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Sad view of a part of SAA HQ. It's hard to beleive that 10 years ago, the airline was profitable and the largest in Africa :cry:

Derelict and abandoned: Sad state of affairs at SAA head office

While the national carrier remains mothballed, the airline’s headquarters appears to be receiving no care or maintenance.

https://www.thesouthafrican.com/travel/ ... abandoned/

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

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South African Airways may exit administration in late February and a decision on an equity partner for it could be made by the end of March 2021.

If it's true...
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

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SA is close to picking airline partner, Gordhan says

https://www.news24.com/fin24/companies/ ... s-20210212

It's not Fly Sax from Kenya, but a South African consortium

SA Express sold to local consortium Fly-SAX for R50 million

The consortium has already paid R24.7 milion of the purchase price.

https://ewn.co.za/2021/02/10/sa-express ... 50-million

Ethiopian Airlines reports lack of progress in SAA joint-venture talks

https://www.nazret.com/2021/02/11/ethio ... ure-talks/

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

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rwandan-flyer wrote: 13 Feb 2021, 19:43 SA is close to picking airline partner, Gordhan says

https://www.news24.com/fin24/companies/ ... s-20210212
South Africa has identified three equity partners for South Africa Airways and will make a decision by March 2021.
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

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South African Airways has received a further US$346 million from the Department of Public Enterprises to complete severance payments that form part of its rescue plan, say bankruptcy administrators.
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

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South African Airways (SAA) was unable to fly to Brussels on Sunday to fetch the first batch of the Johnson & Johnson vaccines.

The decision is reportedly due to the risk measures not being adequate enough or acceptable with global aviation standards.

TUIfly charter flights flew the vaccine into the country late on Tuesday night.

https://www.enca.com/news/saa-did-not-d ... 9-vaccines
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

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South Africa resisted adding US$239 million more to its ongoing bailout of South African Airways, sticking to the idea that a private partner can be brought in to salvage the carrier.
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

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sn26567 wrote: 25 Feb 2021, 17:33 South Africa resisted adding US$239 million more to its ongoing bailout of South African Airways, sticking to the idea that a private partner can be brought in to salvage the carrier.
South African Airways requires an additional US$233 million from state coffers to finalise its serially delayed business rescue process and pay debts to lessors.

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

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South African Airways Airbus A340-600 at Brussels to fetch Covid-19 vaccines

This 25 February morning, after a failed trip cancelled in favour of TUIfly Belgium, South Africa managed to send one of its own aircraft to Belgium to fetch Covid-19 vaccines.

https://www.aviation24.be/airlines/sout ... -vaccines/

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

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South African Airways management and the airline’s business rescue practitioners were blasted by some members of Parliament for not being ready to report to the Standing Committee on Public Accounts about progress made to date.
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

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South African Airways administrators hope to exit the business by the end of March 2021, as the board of directors and management were working on a plan for the airline to resume flying.
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

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South African Airways has exited business rescue, say administrators, who handed over the operations of SAA back to its board and executive team with immediate effect.

South Africa says talks with a potential investment partner for South African Airways are in their final stages and a sale should be concluded in the next few weeks. SAA’s interim board will also need to ensure the sustainability of subsidiaries, as they will need to be restructured or potentially suit down.
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

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South African Airways aims to resume flights in July or August 2021, but the restart date will depend on how the pandemic progresses and whether the airline can resolve a pilot dispute.
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

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I hope that if things go well, it will be able to change the title of the thread.


Takatso Consortium and South African Government Partner to Relaunch South African Airways

Johannesburg, Friday, 11 June 2021

• South Africa-based Takatso comprises leading pan African infrastructure investor Harith General Partners and local aviation group, Global Aviation
• Public / private partnership for SAA which will see 51% of SAA in private sector hands
• Takatso intends to relaunch SAA as an iconic South African brand, and a viable, sustainable, scalable and agile airline which will seek to attract the best local talent in the industry
• Further details will be outlined on key issues including route network rollout, fleet selection, leadership team, transformation, brand relaunch, technology, SAA’s subsidiaries, global partnerships and Voyager

https://www.harith.co.za/takatso-consor ... n-airways/

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

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We also published an article about it: https://www.aviation24.be/airlines/sout ... n-airways/
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Re: South African Airways in "Business Rescue" as from 05 Dec 2019

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rwandan-flyer wrote: 12 Jun 2021, 18:07 I hope that if things go well, it will be able to change the title of the thread.

Takatso Consortium and South African Government Partner to Relaunch South African Airways
Johannesburg, Friday, 11 June 2021
• South Africa-based Takatso comprises leading pan African infrastructure investor Harith General Partners and local aviation group, Global Aviation
• Public / private partnership for SAA which will see 51% of SAA in private sector hands
• Takatso intends to relaunch SAA as an iconic South African brand, and a viable, sustainable, scalable and agile airline which will seek to attract the best local talent in the industry
• Further details will be outlined on key issues including route network rollout, fleet selection, leadership team, transformation, brand relaunch, technology, SAA’s subsidiaries, global partnerships and Voyager
https://www.harith.co.za/takatso-consor ... n-airways/
sn26567 wrote: 12 Jun 2021, 18:45 We also published an article about it: https://www.aviation24.be/airlines/sout ... n-airways/
...
The Takatso consortium, which will make an initial investment of 3.5 billion rand (211 million euros), will hold the majority of the shares while the government retains 49%
...
The new 51% owner will invest... just nothing. The 49% share holder will loan them the money, and they will then invest it into... the airline.

University Professor Tshepo Mongalo: “...When I heard that there would be no money exchanging hands as a result of this transaction I realised that this is probably a financial assistance transaction, the equivalent of vendor funding..."
https://www.sabcnews.com/sabcnews/saas- ... n-experts/

So don't change the title of this topic too soon.

Don't forget it's South Africa, where fraud within public companies is the rule, not a rare exception.
https://www.news24.com/news24/southafri ... eskomfiles

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