SAA says it has returned to relative stability after Action Plan
South African Airways (SAA) announced on Friday that it has completed its 90-Day Action Plan. This was launched on December 9 and was intended to enable the full implementation of the airline’s already approved Long Term Turnaround Strategy (LTTS).
The airline also stated that its LTTS had now been “refined”. It will now carry out an audit of the Action Plan and thereafter plans to hold a media conference in the middle of next month.
“We have worked closely with our shareholding Ministry, National Treasury, to work toward and realise the objectives of the 90-Day Action Plan,” stated SAA acting CEO Nico Bezuidenhout in the group’s press release. “SAA has returned to relative stability.”
The Action Plan had six main thrusts. The first of these was to immediately deal with SAA’s liquidity situation and solvency. The second was to immediately investigate and determine what the options were for the future funding of the airline. The third was to deal with governance defects. The fourth was concerned with legal and high-level governance. The fifth thrust was to reorganise and optimise the company’s assets, while the sixth was to improve communication, both internally and with the government, media and people.
The Action Plan was driven by a “War Cabinet” of executives within SAA. This met twice a week. Progress was also closely observed by the newly constituted SAA board.
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