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BL Premium reports that the SA Airways (SAA) business rescue practitioners (BRPs) told creditors on Wednesday that they were continuing to engage with the government on plans for a new airline, which stood a reasonable chance of materialising if funds were made available.
The letter to creditors also responded to the many criticisms made against the business rescue team by public enterprises minister Pravin Gordhan. It provided a chronology of the process and explained the unsuccessful attempts of Les Matuson and Siviwe Dongwana to publish a business rescue plan, six months after the rescue commenced. The BRPs also refuted claims that they had squandered money on consultants and had ran the airline in a wasteful manner that burned through the funding provided by the government for the rescue. Instead, they asserted that they succeeded in lowering the costs of SAA operations by R500m a month. Notably in the letter, the BRPs strike an amicable note, saying that “discussions are now being held between the practitioners and the shareholder to possibly restructure the airline. An announcement in this regard will be made in due course, as well as an agreed timeline for the consultation on the business rescue plan, as well as its publication.”
- Read the full original of the report in the above regard by Carol Paton at BusinessLive (paywall access only)
- Read too, BRPs hit back at criticism of their processes, at Business Report
Get other news reports at the SA Labour News home page