Reports: Mboweni caves in to ANC refusal to liquidate SAA
Finance minister Tito Mboweni has reportedly yielded to the African National Congress’s refusal to liquidate South African Airways at the party's national executive committee meeting. According to the City Press, Mboweni proposed the embattled airline be liquidated and start a new one. The meeting opted for a restructuring process instead which could reportedly cost govt at least ZAR10b. The embattled company is fighting for its survival after it entered a form of bankruptcy protection last month and cancelled some flights due to cash shortages. The paper is reporting that the ANC's directive to treasury is to restructure the financially strapped airline and that could cost a further ZAR8b to cover expenses related to the restructuring. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-01-27/star/reports-mboweni-caves-in-to-anc-refusal-to-liquidate-saa
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Reports: Mboweni caves in to ANC refusal to liquidate SAA
Finance minister Tito Mboweni has reportedly yielded to the African National Congress’s refusal to liquidate South African Airways at the party's national executive committee meeting. According to the City Press, Mboweni proposed the embattled airline be liquidated and start a new one. The meeting opted for a restructuring process instead which could reportedly cost govt at least ZAR10b. The embattled company is fighting for its survival after it entered a form of bankruptcy protection last month and cancelled some flights due to cash shortages. The paper is reporting that the ANC's directive to treasury is to restructure the financially strapped airline and that could cost a further ZAR8b to cover expenses related to the restructuring. <br/>
