Creditors to gather after SAA’s funds fail
Despite missing the September 17 deadline, the department of public enterprises says it continues to search for funding sources
The fate of SAA is again in the balance after the R10.1bn required to fund the business rescue plan was not secured by Thursday’s deadline.
The business rescue practitioners warned last week that if the funding was not received by September 17, they would have no choice but to call a meeting of creditors to review the plan. The absence of the necessary funding once again puts SAA in line for liquidation, a fate the government has tried hard to avoid.