SAA puts ZAR15b debt restructuring on hold
South African Airways said Sunday it had put on hold a deal to restructure ZAR15b (US$1.04b) of debt after questions were raised about the awarding of the work. Local media reported this month that the board of SAA went against the advice of its own treasury by agreeing to pay boutique financier BnP Capital a ZAR256m success fee to advise the airline on debt restructuring and fund raising without putting the contract out to tender. A SAA spokesman said the contract was awarded without tender due to urgent loan repayments due at the end of June, but denied that the fee was set at ZAR256m. “We have given BnP Capital an opportunity to respond to matters we raised with them…Until we have received a response from them and have considered same, contracting between the parties will be stayed,” he said. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-07-18/star/saa-puts-zar15b-debt-restructuring-on-hold
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SAA puts ZAR15b debt restructuring on hold
South African Airways said Sunday it had put on hold a deal to restructure ZAR15b (US$1.04b) of debt after questions were raised about the awarding of the work. Local media reported this month that the board of SAA went against the advice of its own treasury by agreeing to pay boutique financier BnP Capital a ZAR256m success fee to advise the airline on debt restructuring and fund raising without putting the contract out to tender. A SAA spokesman said the contract was awarded without tender due to urgent loan repayments due at the end of June, but denied that the fee was set at ZAR256m. “We have given BnP Capital an opportunity to respond to matters we raised with them…Until we have received a response from them and have considered same, contracting between the parties will be stayed,” he said. <br/>
