South Africa
Creditors vote on SAA rescue plan today─── 08:44 Tue, 14 Jul 2020
The fate of South African Airways is likely to be decided on Tuesday.
A creditors meeting will be held to vote on the national carrier's business rescue plan.
SAA's business rescue practitioners took over six months to submit the plan. A 75 percent vote in favour will be needed if the plan is to be adopted.
Four big banks holding around R16-billion in government-guaranteed claims form the largest voting bloc.
Unions last week accepted voluntary severance packages for staff.
Around 2,700 SAA employees are expected to be retrenched.
