Fly SAX won the bid to purchase the beleaguered airline from the government in September last year for R50 million; R24 million has been raised through a sale of the airline’s assets, leaving a balance of roughly R26 million which would be paid through a bank guarantee.

The consortium has, however, failed to raise the funds required, meaning the airline will likely go into final liquidation.

In January the airline’s provisional liquidation was extended to April 29 to allow for the conclusion of the shareholding agreement between the provisional liquidator and the government.

Moneyweb