The South African Airways (SAA) Business Rescue Plan published last week by Business Rescue Practitioners is expected to be voted on Thursday by creditors and stakeholders.
The Department of Public Enterprises (DPE) has also welcomed the judgment by the High court in Johannesburg to strike-off the SA Airlink application to have SAA liquidated.
The DPE says it hopes for a positive vote on Thursday to finalise the business rescue process for SAA.
A vote in favour of the plan by 75% of the voting interest would be required to carry the vote. Government says it believes the approval of the business rescue plan would in the long run help creditors and employees to be co-creators of a new airline.
The DPE also warns that should creditors vote not to support the rescue plan, SAA would face liquidation.
In the video below Analyst Khaya Sithole discusses the cost of SAA’s Business rescue plan:
