South African Airways (SAA) has received R1 billion intervention fund to settle a portion of the outstanding obligations on the implementation of its 2020 Business Rescue Plan. The announcement was made today by the Finance Minister, Enoch Godongwana.
As noted by Minister Godongwana, the allocation is part of the government’s commitment to the business rescue process that SAA exited in April 2021.
The fund will be used to cover outstanding liabilities, specifically those relating to the final dividend payment to creditors and the refund of legacy un-flown tickets to affected passengers - which date back to the period when SAA was placed in business rescue in December 2019.
SAA’s Executive Chairman and Chief Executive Officer, Professor John Lamola says, “SAA’s operations have progressed positively since the airline emerged from business rescue, and as reported to Parliament earlier this month, SAA is no longer technically insolvent, a milestone which we reached a year earlier than projected”
The Chief Financial Officer, Fikile Mhlontlo, adds, “SAA has reached a point where we cover our operating costs. It must be emphasised that the allocation announced relates only to historical debt. These funds are not meant to bolster the business plan we are currently executing.”
The R1bn allocation is part of original R 3.5 bn that was needed for SAA to settle all debt that the Business Rescue practitioners had ring-fenced into a Receivership.
Due to the financial performance of SAA and the innovations of its management team, the total balance expected from National Treasury has been reduced to R2.586 bn.
The airline will continue to negotiate with National Treasury for the balance of the funds and cooperate with all the conditions that may accompany the flow of these funds.
We just booked our QATAR 🇶🇦 HÔTEL yesterday for 2 différent short stars of 2 nights and 3 nights for the Final… https://www.14sb.com/fifa-world-cup-hotels.html . Not exactly cheap but ok price for 4.5 Stars luxury and in Doha Center City! Thanks and Good Luck everyone! Vamos MEXICO!
Wow! Stunning! Hilton seems to be taking Africa by storm. Just a couple of years back, they opened the first ever in Eswatini.
Wonderful event and topics discussed, hopefully we see the manifestations in our African airline businesses in the nearest future. Kudos to you all.
Hi, I'm Lucy. Please how do I embark on my travel/ tour business. I am newbie and help..
Prices in the Sol Torremolinos Don Pablo are the same than two weeks ago.
Good location astounding but the staffs are rude and they make me wait so long for the service. They charge me more than what is on the website and did not refund me the manager is not helping with the issue
WoW. Amazing Review. 👍
I spent the holidays here, I don't know why but during the holidays their reception smells like a piss Id rather not spend my special occasions here
Thank you for sharing such a detailed review about ethiopian airlines in your post. I am an avid traveller and keep reading flight reviews to assess the options available. Your review particularly drew my attention because you have shared so many pictures to capture every aspect of the flight experience. It is a very nice effort.
More Info : https://www.cleartrip.ae/flight-booking/ethiopian-air-airlines.html
I am really tempted to book the next ethiopian airlines ticket and relive your journey. The pictures shared with the post also reflect that you truly enjoyed the travel. Great post! I also like the fact that you have covered nuances about the food and entertainment service through the pictures. It helps people know what to expect on their travel by this airline.
More Info : https://www.cleartrip.ae/flight-booking/ethiopian-air-airlines.html