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SAA administrators call for creditor meeting on Friday following funding snag

The creditor meeting will be convened to discuss the funding issue and the proposed future of the cash strapped state-owned entity.

Picture: 123rf.com

JOHANNESBURG - Administrators at South African Airways (SAA) have called for a creditor meeting on Friday as funding for the airline’s restructuring has not been received as anticipated.

The creditor meeting will be convened to discuss the funding issue and the proposed future of the cash strapped state-owned entity.

The administrators took control of the struggling airline in December, after almost a decade of financial losses and published a rescue plan in June following repeated delays and wrangling over its future.

That plan, which envisages scaling back SAA’s fleet and cutting jobs, needs at least R10 billion in new funds to work.

The government has committed to “mobilise” the funding but has not said where it will come from.

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