NEWS ANALYSIS: SAA must now leave turbulence behind
South African Airways (SAA) has managed to navigate through three major hurdles to ensure it does not nosedive into financial distress: a new CEO has been appointed, the chief restructuring officer has finally come on board and Finance Minister Malusi Gigaba has rid the national carrier of its long-time chairwoman. New CEO Vuyani Jarana will report for duty on November 1, as had been stipulated by lenders, while Peter Davies has received an official letter of appointment as chief restructuring officer and begun his duties from London. A chief commercial officer appointment is also set to be made soon. SAA has thus fulfilled three of the preconditions domestic lenders had set for the roll-over of billions of rand to the end of October. The lenders had also stipulated a December deadline for the appointment of a new chairperson, but those close to Gigaba dispute this.Eyes will now be cast on the medium-term budget policy statement next Wednesday, when Gigaba is expected to announce a ...
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