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Arguing for SA Airlink, advocate Rafik Bhana said that business rescue practitioners Les Matuson and Siviwe Dongwana had done “a complete U-turn” between the draft business rescue plan — which had proposed a structured wind-down — and the final one, which envisages that SAA be restructured using capital from the government.
If successful, the interdict could have further delayed SAA’s costly and lengthy business rescue process, which has been under way for six months.The draft business plan for a restructured SAA depends on a R10.4bn payment from the Treasury for start-up capital and settling liabilities. There has been no confirmation from the Treasury that it intends to provide this funding.
The department of public enterprises welcomed the court’s judgment, saying it hopes there will be no further delays to vote on the business rescue plan.
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