File: South African Airways approved over 3,000 voluntary severance packages.
AFP/Bruce Bennett
JOHANNESBURG - South African Airways restructuring is going ahead as planned.
The business rescue plan has come into operation after outstanding conditions were fulfilled - a letter from government confirming that lenders would receive their guaranteed payments.
SAA was placed in business rescue in December.
The practitioners say they are finalising the last administrative issues before the restructured SAA can take flight.
All the conditions in #SAA business rescue plan have been fulfilled. Another creditors meeting was set to take place on 31 July but due to conditions being met that won’t happen. Gov has ONLY committed to "mobilising" funds.
— Heidi Giokos (@HeidiGiokos) July 28, 2020
Source
eNCA
