Funding for SAA rescue fails to materialise
Carol Paton writes in Business Day that the fate of South African Airways (SAA) is again in the balance after the R10.1bn required to fund the business rescue plan was not secured by Thursday’s deadline.
The business rescue practitioners warned last week that if the funding was not received by September 17, they would have no choice but to call a meeting of creditors to review the plan. The absence of the necessary funding once again puts SAA in line for liquidation, a fate the government has tried hard to avoid.
John Perlman on Afternoon Drive speaks to Carol for more on this.
The Department of Public Enterprises, which is the owner of SAA, says it was continuing to raise this money.Carol Paton, Journalist - Business Day
I think many people thought it was a very long shot. It might be one thing in a different economic environment to get an investor for an airline. You also have a problem with SAA having very large liabilities.Carol Paton, Journalist - Business Day
Listen below for the full interview...
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