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BL Premium reports that employees at SA Airways (SAA) have until Friday to confirm whether they will sign the retrenchment agreement as proposed by the airline’s business rescue practitioners (BRPs) in a bid to buy more time to see if a funder can come to the rescue.
In a letter to unions, the joint BRPs advised that Public Enterprises Minister Pravin Gordhan had indicated that he and his department were exploring funding options for SAA, which included discussion with unions about starting a new airline in the future. The BRPs said Gordhan had asked them to give employees a further extension to sign the retrenchment agreement put forward, but warned that it was likely to be the final extension to be given. This would allow more time to explore the funding options, and whether there was "any immediate and guaranteed funding that would permit the business rescue practitioners to reconsider the possibility of a restructured SAA or the possible sale of the business or SAA assets to another party". The airline was placed in business rescue earlier in 2020, but the BRPs have faced an uphill battle, which included a refusal by the government to put any more money into the broke airline. In their letter to unions, the BRPs indicated that if further funding was acquired and the restructuring of the airline was able to proceed, employees who had collectively or individually accepted the termination and severance packages would be re-employed.
- Read the full original of the report in the above regard by Claudi Mailovich at BusinessLive (paywall access only)
- Read too, New airline may rise from ashes, at Mail & Guardian
Get other news reports at the SA Labour News home page