Saa business rescue
SAA BRPs expected to hold creditors’ meeting on changing restructuring plan
They said all conditions for a rescue plan for the airline were met, apart from the letter required by lenders from the government.
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SAA pilots made unaffordable demands for severance packages - DPE
The Department of Public Enterprises (DPE) said that SAA pilots had been making unreasonable and unaffordable demands, with some wanting to secure severance packages of up to 60% more than what's being offered.
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5 unions agree to accept SAA’s voluntary severance packages – DPE
The Public Enterprises Department said that five unions, including the National Metalworkers Union of South Africa (Numsa) and the SA Cabin Crew Association (Sacca), had endorsed the plan. However, they have not yet been available for comment.
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DPE calls on unions at SAA to come up with solutions to save airline
This comes after a meeting on Friday where the department indicated its decision to withdraw from the leadership consultative forum established to find the best way to restructure SAA.
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Numsa, Sacca threaten legal action to stop liquidation of SAA
The unions say they are exploring their legal option to stop the liquidation of troubled the national airline and SA Express, following the Finance Minister's statement that there will be no more bailouts for SAA.
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4 unions ready to take SAA voluntary severance packages - govt
In a statement, government said that the National Transport Movement, South African Transport and Allied Workers Union, the Aviation Union of Southern Africa and Solidarity had stepped forward to take up the deal.
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SAA BRPs criticised for drawn out process as retrenchment judgment reserved
Judgment has been reserved in the appeal case between the South African Airways (SAA) business rescue practitioners (BRP) and three workers' unions.
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Liquidation the only option left for SAA, say some MPs
The Democratic Alliance (DA)’s Alf Lees said that the business rescue process should ideally have ended in December and the rescue team should have applied to court for liquidation back then.
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Cabinet optimistic that Mboweni's budget will get economy back on track
Cabinet described it as a roadmap to stabilise debt and was optimistic it would get the economy back on track.
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Vote on SAA’s business rescue plan postponed to July
The business rescue practitioners’, who took over SAA in December, published their restructuring plan last week and expected the vote to take place on 14 July.
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DPE offers 'final' voluntary severance package to SAA employees
The Department of Public Enterprises argued that a new restructured airline wouldn't be competitive if it had to continue carrying the salaries of the current SAA workforce.
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Court to hear SA Airlink's bid to halt BRP meeting on SAA's future
With potential private investment on the cards for SAA, the regional airline wants the financially cash-strapped national carrier to be placed under provisional liquidation.
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Govt wants new national airline to be competitive, with motivated workforce
The Department of Public Enterprises said it was in the process of considering proposals from potential funders and equity partners.
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Govt reveals proposals from private funders, investors interested in 'new' SAA
In a statement, the Department of Public Enterprises said it intended to pursue credible proposals for investment and strategic partnership with the private sector.
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DPE to oppose any court action aimed at interdicting SAA business rescue plan
The department said that its learnt of an application by SA Airlink aimed at stopping the national carrier's business rescue practitioners from convening the meeting to vote on the turnaround plan.
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Govt questions effectiveness of SAA's BRPs
It said that taking into account the broader national interests, the process undertaken by the administrators must now be completed with the desired outcome, especially if government was providing the resources they needed.
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SAA administrators propose restructuring plan that will cost govt R10bn
They also expected voluntary severance agreements to be reached with staff and hope to retain one thousand jobs under new conditions of employment.
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SAA creditors approve unions' request to extend business rescue plan deadline
Three of the largest unions at SAA asked for the extension to allow them to make submissions before the final draft of the plan is approved.
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SAA’s BRPs ask for another extension to finalise rescue plan
This will be their fourth extension since taking charge of the embattled airline since December last year.
