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.
The National Treasury Should Do More To Alleviate Household Costs Of Loadshedding
Eskom Concedes That Outrage Over Power Cuts Warranted
Electricity Minister To Visit All Power Stations
Over 500 Arrested Nationwide During Protest Action
Malema Rubbishes Concerns That EFF Nationwide Protest Will Turn Violent
Santaco Says Taxi Industry Will Operate As Normal
Government Ready To Deal With Any Eventuality
Nersa Sticks By 18.65% Tariff Increase
Anarchy Will Not Be Allowed In SA – Ramaphosa
It’s Anarchy Of The Highest Order – Mbalula
Cape Town Stockpiling Diesel For Winter
ANC Is Not Corrupt – Mbalula