Confusion surrounds last-minute changes to SAA’s business rescue plan, with one industry insider arguing it’s no longer valid.That’s after a different proposal than that voted on by creditors in July was presented to parliament two weeks ago.The sticking point is that the National Treasury’s R10.5bn bailout isn’t going where creditors had initially agreed. The way the plan was meant to work, concurrent creditors would get R600m (they are owed R8bn), those who leased aircraft to SAA would get R1.7bn (they’re owed R30bn), and the unfunded ticket liability — in other words, tickets paid for by passengers which SAA still needs to honour — was R3bn.However, the plan presented to parliament, which hasn’t been voted on, is different.In this new scenario, the unfunded ticket liability has been cut to R2.2bn, while the concurrent creditors and lessors appear to have been elbowed out in favour of maintenance division SAA Technical, subsidiary Mango and severance payments to staff.Of the bailo...

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