SAA business rescue plan approved

The SAA Business Rescue Plan has crossed a major hurdle after majority of the airline's creditors voted in favour of the plan.The road map which got the support of 86 percent of the creditors at today's meeting, will now be adopted and implemented after a 6 month delay. At the same meeting - it was announced that Philip Saunders has been appointed interim CEO of SAA. #eNCA Courtesy #DStv403

JOHANNESBURG - The South African Airways Business Rescue Plan has been approved.

86% of creditors voted in favour of the business rescue plan.

The plan is now going to be adopted and implemented, after a six-month delay.

READ: Philip Saunders appointed SAA interim CEO

“The DPE [Department of Public Enterprises] believes that the favourable vote is a much better outcome for creditors and SAA employees than liquidation, and the government remains confident that the implementation of the business rescue plan will balance the rights and interests of all parties,” read the statement.

At the same meeting, it was announced that Philip Saunders has been appointed interim CEO of SAA.

Saunders was at the International Air Transport Association before joining SAA.

Public Enterprises says it will be announcing an interim board for the airline in the coming days.

Source
eNCA