Latest articles on Business Rescue

SAA in talks to recoup R350-million in blocked funds from Zimbabwe

The cash-strapped national carrier is in the process of recouping its blocked funds from Zimbabwe, which could go towards financing the airline’s business rescue plan

Workers get their slice of SA Express

Proposals for how to carve up ownership of the airline could mean that the government will no longer hog the whole pie

SAA creditors get R9.3bn from government

The state-owned airline owes R16.4-billion to lenders and needs an additional R10.1-billion to fund the business rescue plan

SAA needs R2.2bn to pay for voluntary severance packages

More than 3 000 employees out of 5 000 have accepted the packages. The state-owned airline, which went into business rescue, is likely to retain 1 000 workers

SAA creditors give go-ahead on rescue plan

Unions and staff representatives have agreed to severance packages for about 2 700 employees who will lose their jobs.

SAA 2.0 hopes to start lean and grow from next year

Draft agreement document spells out that R1.5-billion will be needed to fund severance packages for 2 400 of the airline’s employees

‘SAA 2.0’: New deal provides a lifeline

Airline brought back from the brink as rescue practitioners and Gordhan agree to work on a rescue plan by the end of June

Lockdown hampers Edcon business rescue – analysts

Independent retail analyst Syd Vianello says going under business rescue does not mean Edcon will be saved, “it simply gives business rescue practitioners a chance to work out how they can save the company”

SAA crash-lands but new airline will take off

During discussions between unions and business rescue practitioners and the government, it was decided that the national carrier would be closed and a new airline formed

Gordhan steps into SAA crisis, announces a stop to retrenchments

The minister is also expected to announce talks with unions towards a new airline after the shut-down of the cash-strapped national carrier

SAA Technical flies into salary storm

Maintenance division is first SAA subsidiary to declare hardship to staff as travel ban effects grow at the state-owned airline

SAA rescuers give affected parties two options: Wind down or liquidate

As SAA subsidiaries declare hardship to staff, business-rescue practitioners urge them to sign agreements to save severance payouts

SAA business-rescue practitioners offer severance settlement agreement for all staff

Practitioners inform staff that the government’s rejection of R10-billion bailout last week almost guarantees that the prospect of rescue is now impossible

SAA staff placed on forced leave as airline cancels flights during lockdown

Employees at the embattled state-owned airline have been forced to take leave as SAA cancels all flights during South Africa’s lockdown

SA Express business rescue practitioners to throw in the towel

With Covid-19 halting air travel, labour unions have been told that lack of post-commencement funding and travel bans have forced airline to the point of no return

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