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Moneyweb reports that SA Express’s anchor investor was supposed to provide the balance of the R50 million purchase price of the airline last week, but this has failed to materialise according to the airline’s liquidator Aviwe Ndyamara.
The investor’s failure to meet the deadline to provide the bank guarantee means the airline faces final liquidation. Ndyamara advised that the required proof of funding from the anchor investor has not been received. Instead, what was received by the Thursday deadline were some unsigned Microsoft Word documents. “I do not recognise that document as a bank guarantee and we have not received the bank guarantee,” Ndyamara said. SA Express, which has been under provisional liquidation since April last year, is set to be owned by worker-owned entity Fly-SAX after the entity was chosen as the preferred bidder in October. Despite the unambiguous statement by the liquidator, Fly-SAX is still confident it can get the airline off the ground. It contends that the unnamed anchor investor has provided the R26 million required to finalise the sale of the state-owned airline. Despite the long-drawn-out process of attempting to keep the airline from going under, Fly-SAX spokesperson Thabsile Sikakane believes it remains viable. “The possibility of the business enterprise being positioned to resume operations will result in the avoidance of a liquidation and thereby a loss of all jobs and to get better returns to the body of creditors than would arise under the alternative of liquidation,” she stated.
- Read the full original of the report in the above regard by Thando Maeko at Moneyweb
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