The business rescue practitioners for SAA have suspended all the airline’s operations as of yesterday, 29 September. This comes after failed efforts by the Treasury and the Department of Public Enterprises to raise sufficient loan funding from commercial banks to restart operations.
Commenting on the notice issued by the BRPs, ASATA CEO, Otto de Vries said ASATA’s primary concern is that passengers holding vouchers for future travel are at risk of never getting a chance to either use those vouchers or receive the refund that is due to them.
The BRPs said that together with government, they engaged several investors who have indicated their willingness to provide a portion of the funding to implement the business rescue plan.
Two weeks ago, the BRPs indicated that they needed time to assess and determine the appropriate way to proceed in the absence of funding.