and will be paid over three years.
“A significant portion of the debt that hamstrung SAA has since been compromised and the balance thereof transferred to the receivership, a vehicle specifically intended to ensure the debt is paid over the next three years. Thus, the practitioners are leaving both a solvent and liquid SAA adequately set to continue into the future.
SAA still requires the outstanding R3.5bn to complete the rescue plan, as well as working capital to fund operations. The department of public enterprises has said it is hopeful the R3.5bn will be forthcoming from the Treasury. However, finance minister Tito Mboweni said in February he was still considering that request.
The additional working capital is expected to come from a strategic equity partner or partners. The department and Gordhan have repeatedly said talks are under way and an announcement will be made shortly. Meanwhile, SAA’s subsidiaries are in dire straits despite attempts by Gordhan to divert money from SAA to them. This has not yet been possible due to delayed parliamentary processes and Treasury red tape. Mango was forced to temporarily halt operations this week and SAA Technical commenced retrenchment operations.However, this does not mean that the work is finished.
Source: News Formal (newsformal.com)
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