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Business Rescue Practitioners Suspend SAA Operations

The SAA business rescue practitioners have suspended all operations at the struggling airline.

All the airline operations of South African Airways have been suspended with immediate effect while a process is underway to “put the airline under care and maintenance” until funding discussions between the business rescue practitioners and government are complete.

All existing cargo and repatriation flights will be undertaken, but no new ones will be accepted.

SAA entered a local form of bankruptcy protection in December after heavy financial losses in the past few years, now worsened by the COVID-19 pandemic.

Government is yet to come up with more than R10.5 billion to support a restructuring plan published by administrators in June.

The rescue practitioners say they have engaged with government and “certain funders” that have indicated a willingness to provide a portion of the R10.4 billion in funding required for the implementation of the business rescue plan.