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Moneyweb reports that government has yet to find the remaining R2 billion needed for the South African Airways (SAA) business rescue plan, but has reaffirmed its commitment to seeing the business process to its successful conclusion.
“Following a meeting with the practitioners at the weekend, the Department of Public Enterprises is engaging with the National Treasury to raise funds for the airline in line with the [post-commencement funding] undertaking,” the Public Enterprises Ministry said in a statement on Sunday. When SAA took the route of voluntary business rescue in December, Public Enterprises Minister Pravin Gordhan said R4 billion would be needed for the operation, with half of the amount to be raised from lenders and the other half to be raised in a “fiscally neutral manner”. Louise Brugman, spokesperson for business rescue practitioner Les Matuson, was able to confirm that flights would remain operational. However, she could not provide information on whether the government had been able to find the remaining R2 billion needed for SAA’s business rescue plans. While it emerged last week that the airline had on 10 January placed nine of its aircraft, 15 engines and other parts for up sale, it denied claims that this was in order to raise the R2 billion. Instead, the airline said the sale was to accommodate four new aircraft added to its fleet.
- Read the full original of the report in the above regard by Tebogo Tshwane at Moneyweb
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