South African Airways’ (SAA) Business Rescue Practitioners (BRPs) Siviwe Dongwana and Les Matuson have received an one-month extension from lenders and creditors to publish their plan to save South Africa’s embattled flag carrier from liquidation. A majority of lenders and creditors agreed to the extension. The two Business Rescue Practitioners (BRPs) can now file their Business Rescue Plan on South African Airways (SAA) by the end of March 2020.
“We believe that a further extension of one month will allow for sufficient time for us to finalise the Plan, given the complexity and extent of engagement that is required in a business of this size. We then intend to communicate the Plan to the creditors committee, the employees committee and the shareholder, prior to the formal publication of the Plan”. [src.]
South African Airways (SAA) has been placed under business rescue since December 2019, with Business Rescue Practitioners (BRPs) Siviwe Dongwana and Les Matuson taking over the management of the airline.