The Department of Public Enterprises (DPE) announced on Thursday that, should the creditors of State-owned national flag carrier South African Airways (SAA), which is currently under business rescue, vote in favour of the business rescue plan for the airline, voluntary severance packages (VSPs) would immediately be made available to current SAA employees. Thursday is also the day of the creditors’ vote. To pass, the business rescue plan needs 75% of SAA’s creditors to vote in its favour. Should the plan be rejected, the airline will be placed into liquidation, a process the DPE, in its statement, describes as “protracted and costly”. The department supports the approval of the business rescue plan, describing such approval as “the most expeditious option”, allowing SAA restructure itself, its debts, its other liabilities, leading to the appearance of a new airline, with integrated domestic, African and intercontinental services, and which was competitive and sustainable.
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