Publication of SAA business rescue plan extended until end March
The business rescue practitioners of South African Airways (SAA) have been granted a one-month extension to publish their plan to save the embattled flag carrier from liquidation.
The airline was placed under business rescue in December and earlier in the month announced the cancellation of all its domestic routes apart from the popular Cape Town - Johannesburg flight in an effort to save costs.
The plan detailing the turnaround was set to be published before the end of February.
But on Friday, just one day before the deadline, business rescue practitioners Siviwe Dongwana and Les Matuson announced they had been granted an extension to the end of March following a vote by a majority of creditors .
“We are still in the process of finalising the steps to implement the proposed restructuring option as well as the anticipated effect the plan will have on stakeholders, including the estimated return to creditors,” the BRPs said.
“We believe that a further extension of one month will allow for sufficient time for us to finalise the draft plan, given the complexity and extent of engagement that is required in a business of this size. We then intend to communicate the plan to the creditors committee, the employees committee and the shareholder, prior to the actual public publication of the Plan”.
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