THEBE MABANGA
A WEEK of high drama for the South African Airways (SAA) ended in a stalemate as the creditors vote for the Business Rescue Plan (BRP) was adjourned to July 14th.
This is the day before government has to come up with funding guarantees of up to R26 billion on its own or in conjunction with private investors for a restructured SAA, or have the airline face liquidation.
The adjournment comes after the Department of Public Enterprise urged creditors to vote for the plan and offered workers severance packages.
The plan requires a 75% vote by creditors to be approved.
The department argues that business rescue is a more viable option than liquidation as the latter would leave creditors and workers worse off. DPE received backing from the rest of cabinet on Thursday evening.
This was also a week in which the North Gauteng High Court rejected
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