SAA's future on the line if govt doesn't come up with R2bn funding it promised
The government has so far failed to deliver on the R2 billion promised by the Treasury to fund the business-rescue process at South African Airways (SAA).
Business Day's Carol Paton reports that without this funding the national airline could be forced to suspend flights by Sunday, 19 January.
SAA was placed in business rescue in December and Les Matuson was appointed to lead the process.
Finance Minister Tito Mboweni on Thursday said the government was still trying to find additional funding for SAA.
Mboweni is due to leave for Switzerland where he'll be attending the World Economic Forum (WEF) annual meeting in Davos.
Paton says Treasury has not given a legitimate explanation for why the money has not yet materialised.
The business rescue practitioner still needs this money that they were anticipating would come.Carol Paton, Deputy editor - Business Day
It's R2 billion from Treasury. Treasury hasn't really explained to us why they didn't get the money after undertaking to do so at the beginning of December.Carol Paton, Deputy editor - Business Day
The business rescue practitioners are saying by Sunday, they need the money on the table.Carol Paton, Deputy editor - Business Day
The creditors (the banks) came up with their R2 billion, but the shareholder (The Treasury) did not and they haven't explained why.Carol Paton, Deputy editor - Business Day
Tito Mboweni says that they are working on it.Carol Paton, Deputy editor - Business Day
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