South African Airways warns of managed job losses or liquidation

South African Airways administrators delivered a stark choice to those opposing their plan to fire the entire workforce and sell assets: It’s either that or full liquidation. The carrier doesn’t have funds to continue trading nor pay salaries beyond the end of this month, and the govt has so far refused requests for financial assistance, the team led by Les Matuson and Siviwe Dongwana said in a Thursday letter addressed to “all affected persons.” The business-rescue practitioners sent a proposal to labor groups about retrenching all 4,700 staff April 17, and are asking for a response by Friday. If the unions agree, the administrators can draw up a new recovery plan. If not, they will proceed with the full liquidation process, according to the letter seen by Bloomberg News. <br/>