South African government urges creditors to back SAA rescue plan
South Africa’s public enterprises ministry Wednesday urged creditors to back a restructuring plan for SAA, saying it was the only way to rescue the loss-making airline. Creditors are due to vote on the plan on Thursday, but one of the creditors is in court on Wednesday trying to prevent the vote from happening. State-owned SAA’s administrators published the proposal last week after repeated delays and months of wrangling. The government has applied pressure on the administrators to salvage SAA even though it has not made a profit since 2011 and has relied on bailouts. The Department of Public Enterprises (DPE) said: “DPE believes the approval of the business rescue plan would help creditors and employees to be co-creators of a new airline.”<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-06-25/star/south-african-government-urges-creditors-to-back-saa-rescue-plan
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South African government urges creditors to back SAA rescue plan
South Africa’s public enterprises ministry Wednesday urged creditors to back a restructuring plan for SAA, saying it was the only way to rescue the loss-making airline. Creditors are due to vote on the plan on Thursday, but one of the creditors is in court on Wednesday trying to prevent the vote from happening. State-owned SAA’s administrators published the proposal last week after repeated delays and months of wrangling. The government has applied pressure on the administrators to salvage SAA even though it has not made a profit since 2011 and has relied on bailouts. The Department of Public Enterprises (DPE) said: “DPE believes the approval of the business rescue plan would help creditors and employees to be co-creators of a new airline.”<br/>
