The creditor meeting will be summoned to discuss about the funding issue and the proposed future of the cash strapped state-owned entity
Administrators at South African Airways (SAA) have summoned for a creditor meeting on Friday since the funding for restructuring of the airline has not been gotten as expected.
The creditor meeting will be summoned to discuss about the funding issue and the proposed future of the cash strapped state-owned entity.
In December, the administrators took over the struggling airline after it suffered financial losses for over a decade and posted a rescue plan in June following constant delays and wrangling over its future.
That plan, which anticipates cutting jobs and scaling back SAA’s fleet, needs nothing less than R10 billion in new funds to work out.
The government has also been committed in mobilising the fund but has not revealed where it will emanate from.
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