Suspension of SAA operations to remain in force until funding found – BRPs

They said that all existing cargo and repatriation flights would be undertaken but no new ones would be accepted.

JOHANNESBURG – The South African Airways (SAA) business rescue practitioners said that the decision to suspend all operations at SAA would remain in force until funding is found.

Government has promised around R10.5 billion in funding for a new airline but up until now, the funds haven’t been paid over.

SAA entered into a local form of bankruptcy protection last December, after almost a decade of financial losses, and its longstanding woes have been exacerbated by the COVID-19 pandemic.

The administrators published a restructuring plan in June but the government is yet to come up with the money needed for it work, despite committing to do so.

Managing editor of SA Flyer magazine, Guy Leitch, said that there should be a resolution.

“It’s hard to imagine that given enough political will, they won’t eventually.”

The business rescue practitioners said that certain funders were willing to provide a portion of the money for the airline’s restructuring plan, and that they were talking to the government on the remaining funding needed.

They said that all existing cargo and repatriation flights would be undertaken but no new ones would be accepted.

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