SAA’s BRPs ask for another extension to finalise rescue plan
This will be their fourth extension since taking charge of the embattled airline since December last year.
JOHANNESBURG – South African Airways (SAA) business rescue practitioners (BRPs) have asked creditors for permission to postpone the publication of their business rescue plan until 8 June.
This will be their fourth extension since taking charge of the embattled airline December last year.
Les Matuson and Siviwe Dongwana were supposed to produce the plan on how to restructure SAA on Friday.
The business rescue practitioners said the plans to restructure SAA were not ready as they still needed to consult with affected parties.
Matuson and Dongwana said a draft plan was ready but due to the outbreak of COVID-19, those plans were shelved because of the ban on travel during the national lockdown.
They said when government informed them that they wouldn't get any more money, they had to start from scratch.
The pair said they have a revised plan ready but had to take into account the proposals made by government, and the unions about the possibility of starting a new airline.
The practitioners now want more time to consult with the affected parties on the changes, and warned that if they are not granted the extension, they will be forced to approach the courts to get one.