The business rescue practitioners (BRPs) for financially-beleaguered State-owned national flag carrier South African Airways (SAA) have had to call for an urgent (virtual) meeting of the airline’s creditors, to consider amending the business rescue plan for SAA. The email notice announcing this was released at 18h46 on Thursday evening, with the meeting scheduled for 10h00 Friday morning, giving just over 15 hours notice to the creditors. The reason for this action was the failure of the government to so far fulfil an essential condition required for the implementation of the business rescue plan. To be implemented, the business rescue plan needed to obtain six key approvals, listed in the plan’s paragraph 42.1. Five of these have now been obtained.
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