Business rescue practitioners of SAA get third extension to publish plan | Fin24
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Business rescue practitioners of SAA get third extension to publish plan

Mar 26 2020 13:59
Jan Cronje

The business rescue practitioners of cash-strapped state airline SAA, Siviwe Dongwana and Les Matuson, say they have received another extension to publish their long-awaited business rescue plan. 

This comes after the BRPs on Friday wrote to the airline's creditors to request a third extension to the deadline to publish the plan. In the request for a postponement, they argued that major uncertainty around the impact of the coronavirus on the global airline industry warrants a new two-month extension.

On Thursday, in a statement, the BRPs confirmed that a further extension for publication of the Plan from March 31 to May 29 had been approved by the requisite majority of creditors holding voting interests in the company.

SAA was placed under business rescue in December. In February it announced the cancellation of all its domestic routes apart from the popular Cape Town-Johannesburg flight in an effort to save costs. The Cape-JHB route has been suspended for the duration of the nationwide lockdown announced by President Cyril Ramaphosa. 

Earlier on Thursday, meanwhile, SAA announced that its acting CEO, Zuks Ramasia, will enter into early retirement from April. Ramasia spent 27 years at the airline, and was appointed acting CEO in June last year, after Vuyani Jarana resigned.

- Additional reporting by Lameez Omarjee 



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