SAA granted extension to publish business rescue plan

The embattled national carrier had until the 13th of January to publish the plan
South African Airways (SAA) has been granted an extension to the deadline on when to publish its Business Rescue Plan. The extension was requested by Business Rescue Practitioner, Les Matuson.

The embattled national carrier had until the 13th of January to publish the plan but Matuson along with co-practitioner Siviwe Dongwana met with creditors and requested the extension which was approved.

SAA now has until the 28th of February to publish the plan. Matuson says there is a reasonable chance that SAA can be saved.

His team argues that rescuing SAA would be a better outcome for all stakeholders than liquidation.

Matuson says in an event of liquidation of SAA, proceeds would all go to certain creditors at the expense of others. If the national carrier shuts down – about 10 000 employees stand to lose their jobs.

Supplied