SAA stalls again as rescue practitioners wait for new funding
The directors-general of the department of public enterprises and the Treasury have met with banks to persuade them to provide R5.3bn immediately
The finalisation of the SAA business rescue has again stalled as the rescue practitioners await new funding for the state-owned airline as they are unable to hand back an insolvent entity to management.
The business rescue plan was approved in July and included a commitment from the ministers of public enterprises and the Treasury to “mobilise funding” for the new airline. The rescue practitioners had hoped to wrap up the process this week and hand SAA back to its board and management.