All conditions met for SAA business rescue plan
All the conditions for business rescue plan for South African Airways (SAA) has been met, the embattled airline’s business rescuers announced on Tuesday.
This after some of the outstanding conditions, related to the guarantees of lenders, were fulfilled on Monday.
Initially, the deadline was set for July 22 for all the conditions to be completed, but discussions between government and the lenders on the terms of the guarantee letter were still ongoing at the time of the deadline.
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The deadline was subsequently moved to July 27.
“We are currently attending to and finalising the remaining outstanding administrative issues before filing a notice of substantial implementation in terms of section 152 (8) of the Companies Act 71 of 2008, as amended," the practitioner said in a statement.
SAA has not yet received the R10.3 billion funding which it will need to implement the rescue plan.