Business rescue finalised: SAA cleared for take-off

business rescue finalised saa cleared for take off

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…

Want to know more click here go to source.

From -
Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages

Site Language

Travel Categories

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.