– South Africa: South African Airways’ rescue plan has been approved!

The majority of the creditors of South Africa’s state-owned flag carrier, South African Airways (SAA), have voted to adopt the proposed business rescue plan for the struggling airline. This gives the 86-year-old national carrier a chance to avoid liquidation and paves the way for South Africa’s Department of Public Enterprises (DPE) to launch a new airline. The DPE will announce the interim board of the “new SAA” soon. SAA’s current chief commercial officer, Phillip Saunders, will become the interim CEO for the airline. South African Airways (SAA), which last made a profit in 2011, was put under business rescue in December 2019 and suspended commercial passenger flights in March 2020 due to the coronavirus pandemic. We’ll keep you posted!