{"id":9421,"date":"2021-04-30T20:42:30","date_gmt":"2021-04-30T20:42:30","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=9421"},"modified":"2021-04-30T18:38:40","modified_gmt":"2021-04-30T18:38:40","slug":"saa-business-rescue-process-completed","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-business-rescue-process-completed","title":{"rendered":"SAA business rescue process completed"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>SAA has been handed back to its board and executives after business rescue practitioners (BRPs) announced on Friday it had ended the business rescue process.<\/p>\n

In a statement, the BRPs said they have finished their work after 17 months.<\/p>\n

SAA was put into business rescue in 2019 and Parliament had two months ago asked the BRPs about details in exiting the process.<\/p>\n

They initially said this would be done at the end of March. But on Friday, they announced the process has now come to an end.<\/p>\n

The BRPs said the government had initially injected R10.3 billion into the business rescue process.<\/p>\n

But to date, only R7.8bn has been received from the government.<\/p>\n

\u201cThe business rescue plan was voted for and approved by creditors on 24 July, 2020, with a R10.3bn funding required for its implementation. To date, R7.8bn has been received from government for the implementation of the plan.<\/p>\n

\u2019\u2019A significant portion of the debt that hamstrung SAA has since been compromised and the balance thereof transferred to the receivership, a vehicle specifically intended to ensure the debt is paid over the next three years,\u201d said the BRPs in a statement.<\/p>\n

In a presentation to the Standing Committee on Public Accounts a few months ago, the BRPs said some of the money has been used to pay voluntary severance packages and other funds were to pay salaries to the remaining staff.<\/p>\n

The airline has been battling for a number of years with huge losses resulting in large bailouts.<\/p>\n

Business rescue practitioner Siviwe Dongwana said they were now handing back the process back to the board and executives of the national carrier.<\/p>\n

In the last few years, the government has pumped more than R20bn in bailouts to SAA and the airline incurring losses of more than R32bn over the years.<\/p>\n

Political Bureau<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. SAA has been handed back to its board and executives after business rescue practitioners (BRPs) announced on Friday it had ended the business rescue process. In a statement, the BRPs said they have finished their work after 17 months. SAA was put into business rescue in 2019 and Parliament had two months […]<\/p>\n","protected":false},"author":84,"featured_media":9420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,12],"tags":[274,315,275],"class_list":["post-9421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nSAA business rescue process completed - South Africa<\/title>\n<meta name=\"description\" content=\"SAA has been handed back to its board and executives after business rescue practitioners (BRPs) announced on Friday it h ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-business-rescue-process-completed\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SAA business rescue process completed\" \/>\n<meta property=\"og:description\" content=\"SAA has been handed back to its board and executives after business rescue practitioners (BRPs) announced on Friday it h ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-business-rescue-process-completed\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-30T20:42:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/04\/img-608c4e9247a68.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"404\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-business-rescue-process-completed#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-business-rescue-process-completed\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"SAA business rescue process completed\",\"datePublished\":\"2021-04-30T20:42:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-business-rescue-process-completed\"},\"wordCount\":311,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-business-rescue-process-completed#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/04\/img-608c4e9247a68.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"homepage-english\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-business-rescue-process-completed#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-business-rescue-process-completed\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-business-rescue-process-completed\",\"name\":\"SAA business rescue process completed - 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