THEBE MABANGA
GOVERNMENT has effectively rejected South African Airway’s (SAA) proposed R10 billion business rescue plan, suggesting that it is inadequate given the time and money that Business Rescue Practitioners had put together.
The 110-page document was published by Business Rescue Practitioners (BSPs) Siviwe Dongwana and Les Matuson on Monday.
The plan proposes a restructured airline to resume domestic service “in the near future” and a full domestic service to resume in 2021.
Thereafter, the airline will resume regional and international flights guided by passenger demand and easing of travel restrictions due to the COVID-19 pandemic.
The plan requires government to stump up the cash where a strategic equity partner cannot be found before July 15, an unlikely prospect given current market conditions due to COVID-19.
The R10 billion is slightly up from a figure of R7,1 billion given to the portfolio committee on public enterprise, the Select Committee on
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