The South African Airways (SAA) process of business rescue is expected to reach its conclusion by the end of March. The national carrier found itself under business rescue as a result of alleged mismanagement in December 2019.
This left it unable to pay its debt.
According to a detailed notice to affected parties, practitioners outlined all outstanding matters to be finalized and completed by the end of March. This includes payments to both employees and creditors.
Reports by EWN stipulate that the airline is both “solvent and liquid”, and will then hand over SAA’s affairs to the interim board and management.
They have also confirmed that SAA’s management is working on a plan for the airline to fly again, but no timeline has yet been provided.