in Business & Finance

SAA creditors confirm rescue plan

Posted 14 July 2020 · Add Comment

South African Airlines (SAA) is on track for a relaunch after creditors of loss-making national carrier have approved a rescue plan on which requires at least $596 million in new funding – which now falls on the South African government to turnaround.

 

Will SAA take back to the skies? Image: South African Airways

Administrator Siviwe Dongwana said the plan had been approved by 86% of voting interests.

“The practitioners welcome the approval of the business rescue plan with an overwhelming majority of those who voted. It is an important step forward for the airline and provides much-needed certainty towards a restructured SAA,” said Dongwana.

The rescue plan is likely to mean the airline’s fleet will be scaled back, as well as job losses.

SAA's current chief commercial officer, Philip Saunders, has been appointed acting chief executive of the new airline.

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