‘We are in consultation with our key stakeholders on how we can manage that particular process,’ Kgokolo says
26 July 2021 - 11:29
byOlivia Kumwenda
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SAA subsidiary Mango Airlines will enter into business rescue, SAA’s interim CEO Thomas Kgokolo toldeNCAon Monday.
SAA, which exited business rescue in April, is one of the state-owned companies that depended on government bailouts, placing the national budget under huge strain.
“The board and shareholders have agreed Mango will go into business rescue,” Kgokolo said in an interview witheNCA.
“We are in consultation with our key stakeholders on how we can manage that particular process.”
The government announced in June that it was selling a 51% stake in SAA to the Takatso Consortium to give the airline a new lease of life.
SAA had been under a form of bankruptcy protection since December 2019, but its fortunes worsened during the Covid-19 pandemic and all its operations were mothballed in September 2020 when funds ran low.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Mango Airlines enters business rescue
‘We are in consultation with our key stakeholders on how we can manage that particular process,’ Kgokolo says
SAA subsidiary Mango Airlines will enter into business rescue, SAA’s interim CEO Thomas Kgokolo told eNCA on Monday.
SAA, which exited business rescue in April, is one of the state-owned companies that depended on government bailouts, placing the national budget under huge strain.
“The board and shareholders have agreed Mango will go into business rescue,” Kgokolo said in an interview with eNCA.
“We are in consultation with our key stakeholders on how we can manage that particular process.”
The government announced in June that it was selling a 51% stake in SAA to the Takatso Consortium to give the airline a new lease of life.
SAA had been under a form of bankruptcy protection since December 2019, but its fortunes worsened during the Covid-19 pandemic and all its operations were mothballed in September 2020 when funds ran low.
Reuters
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