From the South African:
Daily Maverick
SAA is again in danger of liquidation as urgent funding for the state-owned airline’s business rescue process has failed to materialise.
The Department of Public Enterprises, which is the sole shareholder of SAA, has missed the Thursday 17 September deadline to provide at least R10.4-billion for the airline to be restructured.
The deadline was set by the SAA business rescue practitioners, Siviwe Dongwana and Les Matuson, on 10 September, when they warned that the airline was facing a dire financial situation because funding from the government had been serially delayed.
On Thursday 17 September, the rescue practitioners informed SAA creditors that they had again failed to secure funding from the government despite the approval of the airline’s business rescue plan two months ago.
“The business rescue practitioners hereby advise affected persons that the anticipated funding has not been received by the company in accordance with the commitment from government to provide the funding for the restructuring of the company and the implementation of its business rescue plan,” Matuson and Dongwana said in a letter to SAA creditors and other affected parties.