Flash Briefing: SAA business rescue has cost R8bn; bond to
Mar 24, 2021 · “The facts are that the business rescue has cost the taxpayer, and poor South Africans in particular, a massive R7.8bn in cash taxpayer bailouts since the business rescue …
FAQs about Flash Briefing: SAA business rescue has cost R8bn; bond to Coupon?
Why is public interest in the SAA business rescue?
Public interest in the outcome of the SAA business rescue is also heightened by the fact that despite being in rescue for close to a year and a half, SAA continues to cost South African taxpayers billions of Rands. ...
Why is SAA under business rescue?
Being placed under business rescue means the national airline would be saved from being liquidated by its creditors. According to the Public Enterprises Department’s statement, it will allow SAA to continue operation in an orderly and safe manner, ensuring that no flights are cancelled or delayed due to the crisis. ...
What happened to SAA BRPs?
SAA BRPs notified all parties that conditions were fulfilled by the deadline. The business rescue plan is now unconditional. ...
How much money does SAA need to fund a rescue plan?
This despite the airline having not yet received the full R10.3bn required to fund the rescue plan. So far, only R7.8bn of the amount has flowed, leaving several outstanding liabilities still to be paid. SAA will also need additional working capital to resume operations... ...
Why did he not provide financial information about SAA?
However, as in the past, he said he could not provide further financial information about the airline due to legalities. He claimed to make certain financial information known could be used by SAA's competitors to obtain an unfair advantage. SAA went into business rescue in December 2019. ...
Are SAA Technical & airchefs in business rescue?
Unlike SAA, Mango and the other subsidiaries, SAA Technical (SAAT) and AirChefs, were not placed in business rescue. All three are in dire need of funding. SAA's shareholder, the Department of Public Enterprises, has been trying to get R2.7 billion of the R10.5 billion allocated for implementing SAA's rescue plan to go to the subsidiaries. ...
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