JOHANNESBURG - South African Airways had to be placed on “business rescue” because there was no other viable and financially workable option to secure a credible future for the state-owned airline, President Cyril Ramaphosa said on Monday.
Ramaphosa ordered SAA on Wednesday to seek a business rescue as the airline is close to collapse. Business rescue is a form of bankruptcy protection where a specialist adviser takes control of a company to restructure it. SAA has been granted a 4 billion rand lifeline from the government and banks to launch the rescue plan, but that cash could only last for months, analysts say.
Business rescue wasn't an option, SAA is way past rescue.
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