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SAA administrators call creditors' meeting after govt misses funding deadline

The administrators took control of state-owned SAA in December after almost a decade of financial losses and published a rescue plan in June following repeated delays and wrangling over its future.

FILE: South African Airways planes. Picture: Facebook.com

JOHANNESBURG - Administrators at struggling South African Airways (SAA) have called creditors to a meeting for Friday after government missed a deadline to make funding available for a restructuring plan.

The administrators took control of state-owned SAA in December after almost a decade of financial losses and published a rescue plan in June following repeated delays and wrangling over its future.

But the plan, which envisages scaling back SAA’s fleet and cutting jobs, needs at least R10 billion in new funds to work, and the cash has not materialised despite assurances from government.

NUMSA THREATENS LEGAL ACTION

At the same time, unions are furious with government for missing the deadline.

Government had repeatedly said it was approached by private sector funders and equity investors, insisting that the process was on track.

Numsa spokesperson Phakamile Hlubi-Majola said that unions were not buying it.

“We have given them a deadline until Friday 18 September 2020 to provide an unequivocal undertaking, which translates into concrete and immediate action to avoid the liquidation and the waning down of SAA and SA Express. Failure to respond will mean that we have no choice but to approach the High Court to prevent the liquidation of these entities,” Hlubi-Majola said.

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