Moneyweb reports that a vote by creditors to accept or reject the South African Airways (SAA) final rescue plan is scheduled to take place on Thursday, but competitor SA Airlink has lodged a court application for an urgent interdict of the meeting.
The interdict would be pending the completion of a separate application to place SAA under provisional liquidation, with SA Airlink claiming that SAA’s rescue has no reasonable prospects of success. The Department of Public Enterprises (DPE) will oppose the application as the shareholder representative. SAA’s business rescue practitioners, Les Matuson and Siviwe Dongwana, will also oppose the application. SA Airlink is a creditor of SAA whose payments could be compromised by the business rescue process. The DPE said it was aware that the National Union of Metalworkers of SA (Numsa) and the SA Cabin Crew Association (Sacca) also planned to interdict the creditors’ meeting through the courts, which it would oppose. “The government is committed to supporting a competitive, viable and sustainable national airline and wishes to engage constructively towards the national interest objective of such an airline in a constrained fiscal environment, taking into account the impact of the Covid-19 pandemic on this situation,” the DPE indicated.
- Read the full original of the report in the above regard by Tebogo Tshwane at Moneyweb
- Read too, SA Airlink wants to sink SAA business rescue proceedings, at Daily Maverick
- And also, SAA business rescue plan would see severe cut in airline’s fleet, at Engineering News
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