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Business rescue practitioners ready to hand SAA over, but no word on R10.3bn

The business rescue practitioners said the only process that’s left now was to finalise all the paperwork before it could be transferred to the new management of SAA.

Picture: South African Airways

JOHANNESBURG – South African Airways (SAA) business rescue practitioners said all the conditions for the restructuring plan of the embattled airline had been fulfilled.

However, the practitioners haven’t given details on the R10.3 billion that is needed to be committed by government. Included is R800 million, which is needed in part to be paid to creditors and to get the airline off the ground.

The business rescue practitioners said the only process that’s left now was to finalise all the paperwork before it could be transferred to the new management of SAA.

The airline was put under business rescue in December last year following widespread mismanagement.

About R2.2 billion has been allocated to voluntary severance and retrenchment packages and staff are waiting for clarity.

However, the practitioners said the plan was in operation.

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