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SAA business rescue plan approved, new airline to launch at cost of billions

14 July 2020 4:42 PM
Tags:
SAA
Business Rescue Plan

The South African Airways (SAA) business rescue plan (BRP) has been approved by 86% of the vote at Tuesday’s creditors' meeting.

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 billion

Guy 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:


14 July 2020 4:42 PM
Tags:
SAA
Business Rescue Plan

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