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SAA has received R7.8bn for implementation of business rescue plan, Scopa told

Rescue practitioner, Siviwe Dongwana, said that the restructuring was moving ahead smoothly.

Picture: 123rf.com

CAPE TOWN - South African Airways (SAA) had received and used most of the 10.5-billion-rand bailout it received last year.

The funds were earmarked for the airline’s restructuring while it underwent a business rescue process.

The SAA business rescue practitioners on Thursday briefed Parliament’s finance watchdog, Scopa.

READ: Mboweni gives SAA R10.5bn to implement business rescue plan

SAA business rescue practitioners told Scopa that they should be completing the rescue process in the next few weeks.

Rescue practitioner, Siviwe Dongwana, said that the restructuring was moving ahead smoothly.

He said that they received the first tranche of the R10.5 billion set aside in the Medium-Term Budget in November.

"And then on the 12th, we received the third tranche of R5 billion. To date, chair and honourable members, SAA has received R7.8 billion for the implementation of the business rescue plan."

Dongwana said that the airline’s workforce had been reduced from 4,700 to 1,000 employees through voluntary severance packages and the Section 189 restructuring process.

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