Today's Labour News

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saa thumb medium95 76Business Times writes that the SA Airways (SAA) rescue saga seems to be drawing to a close, with its business rescue practitioners (BRPs) indicating on Friday that they hoped to complete the process and hand the airline back to its interim board by the end of this month.

But, the question that remains unanswered is when a CEO and commercial director will be appointed to drive the airline's re-launch. The group’s acting CEO, Zuks Ramasia, took early retirement in April 2020 after assuming the role in June 2019 following the resignation of Vuyani Jarana. SAA’s commercial director, Philip Saunders, left the group in December 2020. Asked for comment about the appointment of a CEO and commercial director for SAA, the BRPs said it was never their role to appoint executive management. Meantime, the Department of Public Enterprises said the interim board had been tasked with ensuring that an experienced management team with the requisite expertise was appointed at SAA to ensure a smooth transition from business rescue. The BRPs said in an update on Friday they were “making every effort to finalise the outstanding items by the end of March 2021". Thereafter the company would be placed in the hands of the interim board. SAA’s liabilities were reduced by R35.7bn to R2.3bn due to “the compromise ... negotiated by the business rescue practitioners with concurrent creditors and lessors”. The workforce has been reduced from 4,700 to about 1,000 through voluntary severance packages and retrenchments.

  • Read the full original of the report in the above regard by Nick Wilson at BusinessLive (paywall access only)
  • Read too, SAA rescuers claim they saved airline R36bn, at Independent Media

Get other news reports at the SA Labour News home page