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BL Premium reports that Department of Public Enterprises (DPE) Minister Pravin Gordhan told MPs last week that the restructuring costs for SA Airways (SAA) amounted to R14bn and not the R10.5bn that had previously been cited by business rescue practitioners (BRPs).
Asked by Democratic Alliance (DA) MP Natasha Mazzone whether the R10.5bn that Gordhan had secured from the Treasury would cover SAA’s restructuring costs in full, Gordhan replied: “The total cost of restructuring is R14bn, of which R10.5bn is required currently.” Both the BRPs and the DPE had previously provided a breakdown of the costs amounting to R10.5bn. The week before last, the BRPs shifted the line items within the R10.5bn around at the behest of the department, but did not change the total sum. Moreover, Gordhan said at that time that the R10.5bn was the very last amount that the government would put into SAA and that prospective partners had been advised of that.
- Read the original of the report in the above regard by Carol Paton at BusinessLive (paywall access only)
- Read too, Gordhan: Private equity partners will not take on SAA's debt or restructuring costs, at Engineering News
Get other news reports at the SA Labour News home page