SAA business rescue practitioners allay stakeholders’ concerns
SAA was placed under a business rescue plan as stakeholder seek ways to make it become a self-sustaining profitable business
SAA business rescue practitioners allay stakeholders’ concerns
The joint business rescue practitioners (BRPs) of SAA, Les Matuson and Siviwe Dongwana have noted the comments made by the relevant unions, the various Provincial Governments, the Department of Public Enterprise (DPE) and the South African Communist Party (SACP) regarding the recent actions with respect to restructuring SAA into a financially sustainable entity.
“The decisions we took and informed the public of earlier this month were taken in the best interests of SAA. They are intended to make the airline commercially and operationally sustainable, free from the requirement of future funding from the Government post the implementation of the restructure,” commented the BRPs.
The actions are aimed at improving SAA’s balance sheet which is intended to create a platform for a strong and sustainable airline and so ensure that the company is more attractive for potential strategic equity partners.
The BRPs added: “We recognise the concerns raised, especially around the domestic routes. We will continue to engage with stakeholders, with a commitment to include inputs into the final business rescue plan, which is due to be published by the end of this month.”
