MONDAY, 3.30PM
The restructuring of South African Airways will only be completed between July and October next year, says an interim status report released to a public enterprises committee today.
The status report on progress in the restructuring process was compiled by HSBC Investment Bank, the government’s overall adviser on the restructuring of state assets. The document was presented to the National Council of Provinces’ public enterprises committee.
While government and labour would like an equity partner to be found for SAA, the report said the airline’s restructuring committee “had not reached consensus” on this.
HSBC says the first steps towards converting SAA from a division of Transnet to a company in its own right have begun internally. This process is scheduled for completion by the end of March next year.
Five internal working groups have been established to review the legal and financial implications, the assets to be transferred, as well as labour and organisational issues.