South Africa
SAA business rescue: Unions relieved─── 06:35 Wed, 15 Jul 2020
The National Union of Metalworkers and the SA Cabin Crew Association say they're relieved the SAA business rescue process is finally over.
It's taken over six months and numerous extensions but finally, the Business Rescue Plan for the national carrier was approved by creditors.
“Although we are not entirely satisfied with the plan and will deal with the shortcomings in due course, we are relieved that the drawn-out and rather wasteful Business Rescue process is now coming to an end,” the unions said in a statement.
The new flight path for SAA got the support of 86 percent of the banks and other creditors it owes money to.
Meanwhile, SAA's chief commercial officer for the past year, Philip Saunders, has been appointed the airline's interim CEO.
