After SAA went into business rescue late last year, many routes were suspended. Photo: Gallo Images/Getty ImagesOn Friday, struggling national airline SAA exited business rescue after roughly 17 months of turmoil and uncertainty.
SAA was placed under administration in December 2019, and its long-standing financial woes worsened during the Covid-19 pandemic.Its administrators said that they had filed a notice of “substantial implementation” of a business rescue plan with South Africa’s Companies and Intellectual Property Commission.
That meant they had “effectively discharged the business rescue and handed over the operations of SAA back to its board and executive team”.The airline is one of a handful of state companies that depend on government bailouts, placing the budget under huge strain at a time of rapidly rising debt. The department of public enterprises, which is responsible for SAA, said government was in the final stages of negotiations with a preferred equity partner for SAA.
“A purchase and sale agreement should be concluded in the next few weeks. This will enable capital and much-needed technical and commercial expertise to be brought in to ensure a competitive flag carrier emerges,” it said.We live in a world where facts and fiction get blurred, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Source: News Formal (newsformal.com)
Very unfortunate
And disappears down a rabbit hole.
Time for sale
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Still never fly with SAA you are sure to be left straned