SAA 2.0 gets the green light

Commenting on the vote, the DA said that the decision to vote in favour of the revised business rescue plan was a self-interested ‘grand financial heist’ to reap millions of rands in taxpayer’s money while saddling the fiscus with an expensive ‘dud’ disguised as a new airline.

“Despite their reckless lending to SAA over the past decade, with full knowledge that the airline was bankrupt and unable to service its debt, the creditors now stand to benefit off the back of South Africans without any accountability for their actions,” it said.
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Do we know which financial institutions these are so that perhaps South Africans can band together and boycott them. Propably all of them though except for Capitec and Thyme Bank and Discovery bank.

@rpm can you check on this and do a article on exactly which South African financial institutions have lent to SAA?
 
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Man this is corruption at its finest.

So much good can be done with this money.

Billions, not millions.

I'm out.
 
no surprises here
i have been saying for years SAA will never go away
members of parliament enjoy their free local and international flights
:thumbsup:
 
“The immorality of the decision made by SAA creditors today is that, hundreds of thousands of South Africans who have lost their jobs due to Covid-19, will now stand by and watch as another R16.6 billion is sunk into a black hole over the next three years, never to be recovered.”
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:unsure:
" dipstick in the wrong hole " mentality (credit given to Lechesa Tsenoli )

Having said this, the deal isn't done yet.

The key test over the next few days is whether the National Treasury will agree to shell out more money (taxpayer funds), to fund the restructuring of SAA, which is one of the pre-conditions for implementing the business rescue plan.

A restructured SAA will still depend on public finances, as a total of R26.7-billion – of which R10.3-billion is new money – will be required to settle the airline’s debt, to fund the restart of its operations, and pay retrenchment packages to workers and creditors, whose debt is not guaranteed by the government, including aircraft lessors.

Dongwana and Matuson have set a 25 July 2020 deadline for the Treasury to indicate whether it will fund SAA. If funding for SAA is not freed up at the deadline, Dongwana and Matuson will be forced to declare that SAA has no reasonable prospects of rescue, bringing the airline to the brink of liquidation.

www.dailymaverick.co.za

Creditors approve SAA’s business rescue plan as the airline gets a new interim boss

About 86% of creditors have voted in favour of the SAA business rescue plan, meaning that the airline will, for now, avoid liquidation. Meanwhile, Philip Saunders is the new SAA interim CEO. He become…
www.dailymaverick.co.za www.dailymaverick.co.za
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Let me guess: First thing on SAA Ver 2.0 agenda: Rebrand & repaint all planes. Tender guaranteed to be awarded to some cadre tenderpreneur ... and so it will continue... :sick:
 
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