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SAA restructuring expected soon

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SAA restructuring expected soon

The Public Enterprises Department have said efforts are being made to make sure the finalisation of business rescue process would be declared soon, alongside a decision on the sources of funding

SAA restructuring expected soon

South Africans should expect clarity on restructuring of South African Airways (SAA) soon.

The Public Enterprises Department have said efforts are being made to make sure the finalisation of business rescue process would be declared soon, alongside a decision on the sources of funding.

It said that upon receiving unsolicited interests from private sector funders and equity investors for a new SAA, the transaction advisor RMB is still accessing them.

However, the SAA rescue practitioners said finalisation of two outstanding issues have been going on for a while now. These include:

  • termination of aircraft leases and
  • procurement of funding in terms of the plan.

The airline has so far been in termination agreements with 33 aircraft leases and her left with 7 aircraft leases, which will hopefully be completed by the end of the month.

Although the government had offered R 9.3 billion for SAA’s repayment of debt, the practitioners are still in need of short, medium, and long term funding.

Moreover, talks are still ongoing while the short-term funding remain unavailable.

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