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State hasn't committed to bailout SAA rescue plan - Tito Mboweni

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Administrators took over SAA in December after almost a decade of financial losses and last week creditors approved the restructuring plan, which requires at least R10 billion of new funds, on the understanding the government would find the necessary cash.

Mboweni said in an affidavit filed in the High Court that options the government might explore to mobilise funds included approaching institutions for investment of pension funds, private equity partners or other strategic partners who might want to acquire a shareholding in a restructured SAA.

Mboweni and Public Enterprises Minister Pravin Gordhan sent a letter last week to SAA’s administrators which committed to “mobilising funding” for the plan. Mboweni also said in the court papers that no definitive decisions had been taken on how funds would be sourced for SAA.

 

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