Delays continue to dog SAA
Should the government not provide the confirmation guarantee letter on Monday, business rescue practitioners will be forced to convene another creditors meeting
The funders of South African Airways (SAA), whose debt is guaranteed by the government, have agreed to give the state until Monday to confirm where it will pay the money owed to them.
According to the approved business rescue plan, one of the conditions for its implementation is that money owed to the funders be paid into a legal entity called a receivership, which will in turn pay the funders. These include the major banks and the Development Bank of SA (DBSA).