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Business Rescue Practitioners must produce new restructuring plan for SA Express

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The Business Rescue Practitioners (BRP) at South African Airways (SAA) will have to produce a new restructuring plan for SA Express.

The Department of Public Works has rejected the plan that was presented to it, calling it inadequate as it did not include key elements that would be presented to National Treasury to garner Post Commencement Finance.

The Department is engaging Treasury to get the funding in the form of either a government guarantee or cash injection.

The Department has stressed to the BRPs that the new plan must include restructuring options as well as funding options and a branding recovery plan.

The BRPs have also been advised to engage all stakeholders including the board and unions in the development process of the plan.

Aviation expert David Latham says SAA’s financial crisis can’t be solved overnight

 

The infographic below provides a brief look into the SAA financial crisis

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