Publication of SAA business rescue plan extended to March

The business rescue plan will now only be published in March.

Business rescue practitioners Siviwe Dongwana and Les Matuson requested an extension from creditors, saying they need more time to finalise the restructuring plan.

"The practitioners and SAA are in the process of finalisation of the proposed restructuring plan and the steps required to implement the proposed restructuring plan which will be encompassed in the draft Business Rescue Plan," they said in a statement released on Friday.

The plan was set to be published on Friday.

"We believe that a further extension of one month will allow for sufficient time for us to finalise the draft plan, given the complexity and extent of engagement that is required in a business of this size."

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Public Enterprises minister Pravin Gordhan announced in December that SAA would go under business rescue in a bid to turn the embattled airline around.

As part of the strategy, the airline tabled a proposal to slash close to 1000 jobs

The statement adds: "The employees committee, creditors committee and the Department of Public Enterprises will be provided with an opportunity to make representations to the practitioners regarding the draft Business Rescue Plan and to consult the practitioners in respect of such representations.

"After the practitioners have considered and discussed the aforesaid representations the final draft of the Business Rescue Plan will be published by the practitioners and will be voted upon by creditors at a meeting convened for this purpose."

The airline was also given another lifeline earlier in the week when Finance minister Tito Mboweni tabled his annual budget speech at the National Assembly.

Mboweni announced that the ailing national carrier would receive an additional R16 billion to settle guaranteed debt and interest.