SAA’s business rescue practitioners insist that only more funding will keep the airline in the air. The struggling airline is unlikely to survive without another multi-billion-rand bailout.
The government is refusing to grant SAA the requested bailout.
Without funding, rescue practitioners say the only option is to retrench all staff and sell SAA’s assets.
Public Enterprises Minister Pravin Gordhan said unions are coming to the table when it comes to new plans for SAA.
The government wants a new airline created from the remains of the struggling airline.
The administrators have until the end of the month to draft a rescue plan for SAA, which has not made a profit since 2011 and has received bailouts worth more than R20-billion over the past three years.
The coronavirus pandemic has made air travel increasingly difficult as many countries still have travel bans in place and social distancing regulations curb travel on a domestic and international scale.
#SAA BRP Siviwe Dongwana says the best way forward is to NOT liquidate but to run a structured wind-down. This is in the draft business rescue plan.
— Heidi Giokos (@HeidiGiokos) May 15, 2020
Gordhan makes the point that Mango top executives took a 50% salary cut to save jobs during the lockdown. #SAA didn’t follow suit. So are costs really being cut to its lowest?
— Lindsay Dentlinger (@metrobabe) May 15, 2020
In other news – Nobody is touching anything I own – Lerato Kganyago breathes fire after Hubby threatens to spill the beans
Just hours after media personality Lerato Kganyago announced that she and her husband, businessman Thami Ndlala had parted ways, fraudsters have jumped on the bandwagon.
Lerato and Thami celebrated their traditional wedding two months ago surrounded by friends and family at their home in the north of Johannesburg. continue reading
Source: eNCA
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