SAA makes advances in business rescue plan
South African Airways (SAA) business rescue practitioners say all the conditions of the airline's rescue plan have now been met.
This clears the way for the plan to be implemented.
The practitioners say there was an outstanding issue around a debt of R16 billion owed to creditors. They say it's been ironed out.
Earlier this month, SAA's creditors approved the rescue plan by majority vote.
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At the same time - the business rescue practitioners of Comair have asked creditors for more time to publish their rescue plan.
In a statement - the company says the practitioners have requested a month's extension to allow them time to negotiate short-term bridging funding as post-commencement finance and advance two offers from potential investors.
They say one of the investment offers has several conditions that need satisfied - while the other needs more thrashing out.
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The practitioners say the bridging finance is urgently needed to ensure Comair can meet its limited operational overheads and for the business rescue process to continue.
