SAA business rescue plan approved, new airline to launch at cost of billions
After months of uncertainty, the South African Airways (SAA) business rescue plan (BRP) has been approved.
86% of creditors gave the rescue plan the thumbs up at a meeting on Tuesday.
At least it brings to an end this dreadful state of suspended animation the airline has been in.Guy Leitch, Managing Editor - SA Flyer Magazine
The move paves the way for the Department of Public Enterprises (DPE) to launch a new airline with an interim board and CEO.
But it'll cost billions for the new airline to get off the ground says SA Flyer Magazine's Guy Letich.
Possibly 5 billion at the bottom end, that's at least to keep it going for the interim...but more like 14.3 billionGuy Leitch, Managing Editor - SA Flyer Magazine
The total amount owing to the banks is in the order of R30 billion.Guy Leitch, Managing Editor - SA Flyer Magazine
Listen as John Maytham speaks to SA Flyer Magazine's Guy Leitch about SAA's business rescue plan:
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