R16.4bn must be ring-fenced for creditors, SAA administrators say
A creditors’ meeting is likely to be held on July 30 to decide on a way forward if the government does not fulfil the condition
27 July 2020 - 16:55
The administrators of SAA, the state-owned airline that’s in bankruptcy protection, want the government to ring-fence R16.4bn that it has guaranteed can be used to pay creditors if the airline fails, a person familiar with the situation said.
The administrators want an agreement for the money to be paid into an escrow account — the last outstanding issue that needs to be resolved before the carrier’s business rescue process can be finalised — to be signed on Monday, said the person, who spoke on condition of anonymity because the discussions were not public...
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