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DPE: Postponement of creditors meeting may scare away potential SAA investors

The department announced on Sunday that it was pulling out of the leadership consultative forum established to find a way to work with unions to try to save the embattled airline.

FILE: SAA has been on business rescue since December because of the financial problems it has had for years. Picture: @flysaa_care/Twitter.

JOHANNESBURG - The Department of Public Enterprises on Sunday said the recent postponement of a creditors meeting may scare away potential investors who wanted to partner with government to restructure the South African Airways (SAA).

The department announced on Sunday that it was pulling out of the leadership consultative forum established to find a way to work with unions to try to save the embattled airline.

SAA has been on business rescue since December because of the financial problems it has had for years.

Government said the business rescue practitioners convened a meeting last Thursday to consider and vote on a business rescue plan for SAA.

But despite the significant consequences of liquidation for employees and creditors, the majority of unions opted to adjourn the meeting until mid-July.

The department said by doing this, it was putting the severance benefits of employees at risk.

It’s also accused the National Union of Metal Workers of South Africa and South African Cabin Crew Association of siding with SA Airlink who stands to benefit substantially if SAA was liquidated.

According to the department, employees who have been without a salary for months don’t want any further delays to the business rescue process.

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