South African Airways (SAA), which was placed into business rescue in December 2019, is now back in the hands of its own management team since business rescue practitioners Leslie Matuson and Siviwe Dongwana terminated the airline’s drawn-out rescue process by filing SAA’s Notice of Substantial Implementation with the Companies and Intellectual Property Commission (CIPC) on Friday 30 April.
This brings to an end the lengthy 17-month business rescue process for the national carrier. The airline is now in the hands of its own board, with interim CEO Thomas Kgokolo at the helm.
Kgokolo, a chartered accountant with a wealth of experience as a non-executive director for various organisations, has the responsibility of getting the airline back into the skies.
When handing the airline over to its interim board, the business rescue practitioners said they were transferring a solvent and liquid company to the receivers.
In an earlier statement, the practitioners said the airline had received R7.8 billion of the R10.3 billion in funding required for the implementation of their approved business rescue plan…