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A draft business rescue plan for SAA circulated to affected parties at the weekend says that it will take a total of R21bn to settle all the obligations of the old SAA and capitalise a new state-owned airline.

The plan suggests that the new company will purchase the entire shareholding of the old SAA. The airline’s lenders, whose loans are guaranteed and who are the biggest creditors, are to be repaid in full over the next three years with the R16.4bn that was set aside in the February budget’s medium-term expenditure plan. Another R600m, at minimum, will be required to pay concurrent creditors, whose claims are not secured...

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