DPE finalising funding for SAA restructuring process
18 September 2020
The DPE confirms that government will reprioritize funds to finalise the restructuring of South African Airways (SAA) and the implementation of the airline’s business rescue plan. An announcement to this effect will be announced in the Adjustments Appropriation Bill, which will be introduced in Parliament soon.
The national carrier will not be liquidated.
Because the restructuring process should be brought closer to finalisation in the next few weeks, lending institutions will be requested to finance the restructuring process and honour commitments for voluntary severance packages and retrenchments.
At the same time the DPE will continue to assess the 20 unsolicited expressions of interests from private sector funders, private equity investors and partners for a future restructured SAA.