SAA hopeful business rescue will accelerate proposed radical restructuring

07 Décembre, 2019, 01:07 | Auteur: Anatole Charbonneau
  • Mango flights are expected to run as usual. Image Shutterstock

SAA, which last made a profit in 2011 and has received R57-billion in bailouts since 1994, has been struggling to pay its bills after the National Treasury balked at providing it with more funding.

Pravin Gordhan, Minister of Public Enterprises, said in a statement that in tandem with SAA's entry into business rescue, the state and private lenders will avail a total of ZAR4 billion (USD275 million) in financing to shore up its operations.

SAA's board said the business rescue, scheduled to start immediately, was decided after consultations with shareholders and the public enterprises department "to find a solution to our company's well-documented financial challenges".

SAA has received R57 billion in bailouts since 1999 and has now experienced difficulties in milking more money from Treasury and lenders as it struggles to cover its costs.

The rescue plan will include a "new provisional timetable" and ensure "selected activities. continue operating successfully".

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Cape Town - South African Airways (SAA) is likely to get a R2 billion boost from the government and another R2 billion from existing lenders as it enters rescue proceedings from December 5, a minister said on Thursday. Government will itself provide ZAR2 billion in a "fiscally neutral manner".

President Cyril Ramaphosa has ordered that South African Airways (SAA) urgently go into voluntary business rescue.

While the airline said the losses incurred during the strike were not the only factor contributing to this latest decision it did speed up the process.

According to Gordhan, the move will reduce reliance on government finances and reduce the disruption of SAA services, customers and staff.

Chapter 6 of the Companies Act allows South African companies in "financial distress" or trading in insolvent circumstances to file for business rescue. The practitioner must then convene a meeting of creditors and any other holders of a voting interest, in this instance, the South African government, to consider the proposed rescue plan, within 10 business days of its publication. If granted, a business-rescue practitioner is appointed to help the company reorganize and assess whether it can be turned around.

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