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SAA’s restructuring plan already in operation, say BRPs

An outstanding guarantee of R16.4 billion owed to SAA creditors was confirmed by government on Monday.

South African Airways plane. Picture: Facebook.

JOHANNESBURG - While government is yet to explain how a new airline would be funded, South African Airways’ (SAA) business rescue practitioners (BRPs) on Tuesday said that their restructuring plan was already in operation.

An outstanding guarantee of R16.4 billion owed to SAA creditors was confirmed by government on Monday.

At least R10.3 billion is now needed to get the new airline off the ground and taxpayers are eagerly waiting to hear where government will be getting the money.

Monday’s letter guarantees lenders such as the Development Bank of Southern Africa that they will get their money even if the new airline failed.

Details about when the restructured airline would operate were not made available.

Finance Minister Tito Mboweni has, however, assured that the state will mobilise funds to make R10.3 billion available to start the new carrier.

The business rescue process has been long and mired in controversy since it started in December 2019, with numerous delays and disagreements between administrators and labour unions.

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