All South African Airways articles – Page 4
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NewsSAA rescue remains uncertain as treasury highlights funding pressures
South Africa’s government is urging creditors and unions to support South African Airways’ proposed rescue, warning that the airline’s liquidation is the worse of the options available. But the opposition Democratic Alliance believes the country’s treasury, which is having to cope with funding pressures from the coronavirus crisis, is reluctant ...
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NewsSAA’s future remains in limbo as unions secure delay to rescue vote
Decisions on the future of South African Airways have been pushed back by nearly three weeks, after three unions secured an adjournment of a crucial creditor meeting, in order to buy time to adjust the business rescue plan. The SAAPA, SACCA and NUMSA unions – representing pilots, cabin crew, and ...
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NewsGovernment urges support as SAA rescue faces critical creditor vote
South African Airways’ creditors are set to decide the future of the troubled flag-carrier, more than half a year after it entered a business rescue scheme, with the government urging support for a new business plan. At least 75% support from creditor voting interests, following a meeting due to be ...
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NewsGovernment reviewing funding proposals for restructuring SAA
South Africa’s government is claiming to have received a number of unsolicited proposals to fund a new national airline in the aftermath of South African Airways’ business rescue process. These proposals have been received from private-sector funds, equity investors, and potential airline partners, says the government’s department of public enterprises. ...
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NewsSouth Africa’s Airlink bids to have SAA liquidated
South African carrier Airlink is attempting to disrupt plans to convene a creditors’ meeting to discuss whether to approve the rescue plan for South African Airways, and is seeking to have the airline liquidated. The government’s department of public enterprises says Airlink has filed a court motion “aimed at interdicting” ...
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NewsSAA rescue plan revises down initial heavy losses
South African Airways’ final business rescue plan considerably revises down the losses projected over the first three years for the restructured carrier. While a draft plan circulated at the beginning of June indicated losses close to R20 billion ($1.1 billion) for the period, the final plan estimates pre-tax losses of ...
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NewsSAA rescue plan sets out initial fleet and personnel requirements
South African Airways’ resurrection plan would involve an initial restart period of eight months, running to January 2021. Over this period the fleet would be gradually built up to around 26 aircraft, comprising seven long-haul jets – about half of which would be in place at the end of this ...
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NewsGovernment unsure over SAA plan as opposition demand carrier’s liquidation
South Africa’s government has expressed doubts as to whether the long-awaited business rescue plan for South African Airways will meet its expectations for creating a viable and sustainable national carrier. Publication of the plan has also drawn condemnation from the opposition Democratic Alliance party, which says the strategy relies on ...
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NewsExternal carriers should be handed repatriation services: South African opposition
South Africa’s shadow public enterprises minister is insisting that the government ease air transport pressures by allowing other operators to conduct repatriation services. Ghaleb Cachalia, from the opposition Democratic Alliance party, argues that South African Airways – which has been mired in a drawn-out business rescue process – does not ...
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NewsSAA unions force further delay to business plan publication
South African Airways’ rescuers are seeking creditors’ approval for a further postponement to the deadline for publishing a business plan for the embattled flag-carrier. The rescue practitioners have previously secured four extensions to deadlines for publishing a plan – the most recent to 8 June – since SAA entered the ...
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Airline BusinessCoronavirus pushes fragile African carriers closer to the edge
While no region has escaped the impact of the coronavirus grounding, arguably its most immediate damage has been felt among Africa’s already struggling carriers.
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NewsSAA draft rescue plan signals termination of half its fleet leases
South African Airways’ rescuers are terminating leases on nearly half the airline’s 40 leased aircraft, while those on another 15 have been undergoing renegotiation. The carrier had a fleet of 49 jets when it entered the business rescue process on 5 December last year, including nine A340-300s and -600s that ...
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NewsSAA rescuers request time to consult on government proposals
South African Airways’ rescue practitioners are seeking an extension to the deadline for publishing a business plan for the troubled flag-carrier. Under South African legislation a business plan is normally required within 25 days of a company entering business rescue, but extensions can be granted if necessary. SAA, however, has ...
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NewsAdministrators see ‘reasonable’ prospect of SAA rescue
Business rescue practitioners at South African Airways describe as “reasonable” the prospects of rescuing the struggling carrier, though stress this is dependent on the necessary funding.
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NewsSAA rescuers pour cold water on plan to resume domestic flights
South African Airways’ plan to restart domestic flights in mid-June has been called into question by its rescuers, who have criticised the airline for releasing an “unvetted” public statement that created an “unfair expectation” among stakeholders.
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NewsGovernment puts R10bn aside for SAA in medium term
South Africa’s government has provisionally set aside R3.8 billion ($212 million) for troubled flag-carrier South African Airways and another R164 million for SA Express in the current fiscal year. Department of public enterprises deputy director general Kgathatso Tlhakudi gave the figure during a 20 May presentation before the parliamentary portfolio ...
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NewsSAA rescuers given deadline to deliver business plan
South African Airways’ rescue practitioners have been instructed to produce a formal business plan for airline within 25 days, after a parliamentary standing committee expressed dissatisfaction with a draft publication. The standing committee on public accounts is also seeking a full schedule of fees from the practitioners, their advisers, and ...
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NewsSAA practitioners spent R10bn during five-month rescue effort
South African Airways’ business rescue practitioners spent R9.9 billion ($532 million) in the five months after they were called upon to try to save the loss-making airline. Testifying by video link to a parliamentary committee on 15 May, practitioner Siviwe Dongwana stated that the sum was used between 5 December ...
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NewsSAA defies shutdown as unions claim labour court victory
South African Airways is to continue conducting services for the time being, defying the 8 May date for cessation of operations given by the airline’s business rescue practitioners Unions are claiming a Labour Court victory after they brought a case to halt a retrenchment process for the carrier’s personnel. SAA ...
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NewsSAA on brink as government scrambles to defer ‘drop dead’ date
South Africa’s government is urgently trying to extend the period of operations for South African Airways after the carrier’s business rescue practitioners warned that 8 May would amount to a “drop dead” day when all flights would cease. The country’s public enterprises minister, Pravin Gordhan, outlined to a parliamentary committee ...