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SAA Exits Business Rescue

SOUTH AFRICA
  • State-owned airline, SAA, exits business rescue, bringing to an end the process started on 05 Dec 2019
  • "a significant portion of the debt that hamstrung SAA has since been compromised and the balance thereof transferred to a receivership, a vehicle specially intended to ensure the debt is paid over the next 3 years
  • SAA has received R7.8bn of the R10.3bn allocated as part of the business rescue plan
  • "practitioners are leaving both a solvent & liquid SAA adequately set to continue into the future.
  • SAA has been handed over to the board & executive team with immediate effect"
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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