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DPE: All conditions met on SAA rescue plan, parties working to finalise process

In a statement on Wednesday, the department said it was overseeing four phases to complete the process.

Picture: 123rf.com

JOHANNESBURG - The Public Enterprises Department says it believes the business rescue plan for South African Airways (SAA) will create a solid base for a competitive, viable, and sustainable airline for South Africa.

The department said all the conditions for the implementation of the SAA business rescue plan have been met and those involved are working to finalise the process.

In a statement on Wednesday, the department said it was overseeing four phases to complete the process.

These include restructuring of the airline, the appointment of non-executive directors, the selection of transaction advisors and the formation of a customer-centric airline.

SAA’s business rescue practitioners have said they'll need R10 billion at the very least to set the plan in motion.

Government has not explained exactly where this money is coming from.

The department has, however, confirmed that all employees will be retrenched, except for 1,000 staff members who’ve been chosen to start the new airline on different terms and conditions.

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