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  • SAA rescue plan finally approved

    The business rescue plan for SAA has finally been approved after all conditions on which it rested were met on Monday. Rescue practitioners Les Matuson...

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    The business rescue plan for SAA has finally been approved after all conditions on which it rested were met on Monday. Rescue practitioners Les Matuson and Siviwe Dongwana informed creditors of the development yesterday, saying that another creditor meeting is no longer necessary. Last Friday it emerged that SAA’s lenders, which include commercial banks and...
  • R10 billion needed to keep SAA in the sky

    Government has to come up with billions required to fund SAA’s business rescue plan after the airline’s creditors voted in favour of its restructuring. At...

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    Government has to come up with billions required to fund SAA’s business rescue plan after the airline’s creditors voted in favour of its restructuring. At least R10bn is now required from state coffers to help turn the airline around. The restructuring will see about 2,500 workers being immediately retrenched, as SAA will make way for...
  • Philip Saunders appointed as the interim CEO of SAA

    Philip Saunders has been appointed as the interim CEO of SAA. The Public Enterprises department says it will be announcing an interim board for the...

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    Philip Saunders has been appointed as the interim CEO of SAA. The Public Enterprises department says it will be announcing an interim board for the airline in the coming days. This as creditors vote on South African Airways’ business rescue plan. Business rescue practitioners took over six months to submit the plan and needs 75-per...
  • SAA unions to take legal action to prevent the liquidation of the airline

    The two biggest unions at SAA will take legal action to prevent the liquidation of the airline. The National Union of Metalworkers of South Africa...

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    The two biggest unions at SAA will take legal action to prevent the liquidation of the airline. The National Union of Metalworkers of South Africa (Numsa) and the South African Cabin Crew Association have issued a statement saying they won’t accept SAA’s demise. They’re also unhappy with comments from Finance Minister Tito Mboweni supporting the...
  • Four unions ready to sign SAA severance packages

    Government said that four unions and staff representatives had approached the Public Enterprises Department indicating that they were ready to sign the voluntary severance packages...

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    Government said that four unions and staff representatives had approached the Public Enterprises Department indicating that they were ready to sign the voluntary severance packages offered to employees of South African Airways (SAA). In a statement, government said that the National Transport Movement, South African Transport and Allied Workers Union, the Aviation Union of Southern...
  • South African Government withdraws from SAA talks forum

    The Public Enterprises Department has withdrawn from the Leadership Consultative Forum. The forum was formed to facilitate talks with SAA employees as the airline develops...

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    The Public Enterprises Department has withdrawn from the Leadership Consultative Forum. The forum was formed to facilitate talks with SAA employees as the airline develops a new operating model after restructuring. Government says the forum no longer serves its intended purpose. The Department of Public Enterprises has decided to withdraw from the Leadership Consultative Forum....
  • SAA’s rescue plan delayed again

    Creditors of South African Airways (SAA) on Monday approved another delay in the publication of a rescue plan after the cash-strapped airline’s administrators requested an...

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    Creditors of South African Airways (SAA) on Monday approved another delay in the publication of a rescue plan after the cash-strapped airline’s administrators requested an extension because of an objection by trade unions. The rescue plan for SAA, which has not made a profit since 2011, was due to be published on Monday. It has...
  • Govt & unions working on plans for new SAA

    South Africa’s Public Enterprises Department and labour unions are working together on a business model for a new national carrier that will replace the embattled...

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    South Africa’s Public Enterprises Department and labour unions are working together on a business model for a new national carrier that will replace the embattled South African Airways. The new airline will be funded through a variety of options such as strategic equity partners, funders, and the sale of non-core assets, the Ministry of Public...
  • SAA administrators can appeal retrenchments ruling

    Administrators at South African Airways can appeal a Labour Court ruling ordering them to halt a layoff process, the court said on Monday. State-owned SAA...

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    Administrators at South African Airways can appeal a Labour Court ruling ordering them to halt a layoff process, the court said on Monday. State-owned SAA has been fighting for its survival since entering a form of bankruptcy protection called “business rescue” in December. The Labour Court’s decision earlier this month to side with two trade...
  • SAA has lost over R10bn since 2018 – Parliament told

    The ailing airline continues to bleed vast sums of money despite being in business rescue. SAA financial statements presented before parliament’s standing committee on public...

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    The ailing airline continues to bleed vast sums of money despite being in business rescue. SAA financial statements presented before parliament’s standing committee on public accounts (Scopa) have revealed that SAA made losses of R5.5 billion in 2018 and R5.1 billion in 2019. The government-funded airline has been in a state of business rescue since...
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