SAA business rescue finally over
However, the airline still requires R3.5bn to pay old debts and new working capital
The business rescue practitioners of SAA handed the airline back to its interim board and management on Friday, filing a substantive report of implementation to bring the business rescue process to an end.
This despite the airline having not yet received the full R10.3bn required to fund the rescue plan. So far, only R7.8bn of the required amount has flowed, leaving several outstanding liabilities still to be paid. SAA will also need additional working capital to resume operations...