Covid-19 extends SAA’s business rescue plan to May 29
South African Airways (SAA) which slipped into a business rescue plan in December last year has received another extension from lenders and creditors to publish their long-awaited rescue report.
March 29, 2020: South African Airways (SAA) which slipped into a business rescue plan in December last year has received another extension from lenders and creditors to publish their long-awaited rescue report. The new deadline for the business rescue plan is May 29, 2020.
In a statement dated February 26, SAA's business rescue practitioners (BRPs) Les Matuson and Siviwe Dongwana have sought creditor approval for permission to further extend the publication of the rescue plan from February 28 to March 31, 2020.
In the request for a postponement, the BRPs pointed out that the uncertainty of the impact of the coronavirus pandemic on SAA and the global aviation industry as well as the need for lengthy redundancy talks with labour unions makes an extension inevitable.
