South African Airways (SAA) Business Rescue Practitioners say they will convene a meeting with creditors on Friday to discuss the guarantee confirmation letter that is yet to be provided to the airline.
In a statement, the BRPs say they are yet to receive the required signed guarantee commitment and confirmation letter from government.
The BRPs say should the condition not be fulfilled by next Monday – the business rescue plan will be deemed unimplementable and another meeting with creditors will be conveyed on July the 30th.
This to consider amending the business rescue plan.
Government was supposed to send a funding commitment letter to the South African Airways (SAA) Business Rescue Practitioners.
The plan to send letter comes after creditors, unions and other stakeholders voted in favour of the amended SAA Business Rescue Plan.
It was adopted on Tuesday with 86% of the proxy vote.
The plan will require government or a strategic equity partner to provide an additional R16.3 billion in funding.
One of the joint Business Rescue Practitioners Siviwe Dongwana says the Public Enterprises Department will appoint a new interim board in the coming weeks.
The airline’s acting COO Philip Saunders has been appointed the acting interim CEO.
In the video below, revised SAA Business Rescue Plan’s approval welcomed: