Under the R16.4 billion allocation from Treasury, the R3.5 billion DBSA loan plus R168 million in interest will be repaid during the course of this fiscal. A further R3.8 billion will be repaid to local banks and finance institutions this year, with the same amount scheduled to be paid next year. The balance will be paid in 2022/23. The payments are to be made by August 31 each year and exclude interest, which the business rescue practitioners estimate totals R1.8 billion.
The R38.381 billion total is the worst case contemplated as it uses the greater amount between a creditor’s claim and the airline’s records. In many cases, SAA has no record of claims. In other cases, its records show a vastly larger sum owed than the creditor’s claim. This is particularly prevalent when it comes to certain leasing entities as the amount would effectively be the entire lease liability.
There are 24 creditors where – based on their claims or the amounts reflected in SAA’s records – there is an exposure that is greater than R100 million.
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