Saa business rescue
Numsa slams 'disgraceful' Mboweni for his Twitter comments on SAA
Finance Minister Tito Mboweni on Sunday night asked his nearly one million followers on Twitter if the country needed a national airline.
-
Mboweni: SAA funding the fulfillment of an obligation as SAA’s shareholder
SAA is not the only state-owned enterprise (SOE) that will get funds from the fiscus. Various SOEs will be funded to the tune of more than R20 billion over the next few years.
-
Public Enterprises to continue to assess interest in restructuring SAA
The Public Enterprises Department said it received 20 expressions of interest from private sector funders, private equity investors and partners for a restructured SAA.
-
Numsa, Sacca picket outside SAA offices after govt misses funding deadline
Workers demonstrated after government missed a deadline to make funding available for a restructuring plan.
-
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.
-
Clarity on SAA restructuring expected soon
The Public Enterprises Department said that efforts to finalise the business rescue process and a decision on the sources of funding would be announced soon.
-
Govt received more than 10 offers for SAA & subsidiaries – DPE
SAA said that it had received offers from investors, private sector funders and future partners who wanted to kick-start the restructured airline.
-
SAA approves voluntary severance packages for over 3,000 employees
A total of 3,142 SAA employees have applied for the voluntary severance packages.
-
Government in talks with private entities interested in SAA – report
It was unclear who the potential entities were who had shown interest in the troubled national airline.
-
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.
-
Govt has not committed to SAA funding requirements - Mboweni
In court papers, Finance Minister Tito Mboweni said that government was considering a number of options to 'mobilise' funding, including approaching institutions for the investment of pension funds.
-
Govt commits in letter to obtain funding for SAA
The Departments of Public Enterprises and Finance outlined the pledge in a letter on Wednesday evening to SAA's business rescue administrators.
-
SAA to announce interim board ‘in coming days’
Phillip Saunders has been appointed as interim CEO for a new national carrier.
-
Unions still concerned despite new lease of life for SAA
About 2,700 workers will be retrenched and paid severance packages while 1,000 workers will be retained.
-
DPE confident restructured SAA will be financially viable, self-sustained
More than R10 billion is needed to get the airline off the ground after the business rescue plan was approved, but there is no word on where the funding will come from.
-
SAA creditors to take crucial vote over business rescue plan
The broke airline went into business rescue in December last year following years of losses and state bailouts.
-
DPE: SAA Pilots' Association proposal unsustainable and cannot be accepted
The Department of Public Enterprises said that the pilots wanted benefits that were far too costly and were not in the best interest of SAA, its employees, creditors and stakeholders.
-
Numsa, Sacca feel vindicated by latest ruling on SAA retrenchments
Business rescue practitioners at the troubled airline wanted the court to set aside a court decision to halt retrenchments at SAA until a business rescue plan is adopted.
-
4 unions' buy-in means just a vote for SAA's business rescue plan is left
SAA's business rescue plan published last month proposed that over 3,000 workers at SAA be retrenched.
