Business Rescue – The Mail & Guardian

/ 6 October 2024

Please Mr Postman, deliver the cheque

In this financial year’s budget, Parliament did not allocate funding for the South African Post Office, which is waiting for a R3.8 billion tranche

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By Anathi Madubela

Business

/ 14 July 2024

There is a place for SAA domestically, if it adopts the low cost model

The ‘old fashioned’ carrier is still struggling for passengers

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By Anathi Madubela

Business

/ 17 May 2023

SAA does not anticipate a clean audit soon

The national carrier told parliament that a final draft external audit report is expected at the end of May this year

By Anathi Madubela

National

/ 8 March 2023

Former Eskom executive and corruption suspect Anoj Singh ‘defrauded of R13.9 million’

Mahendren Munsamy, accused of stealing R420 million from FNB and Sasol, allegedly also stole from Singh

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By Khaya Koko

Business

/ 17 December 2022

Scrap sugar tax, say canegrowers

The South African Canegrowers Association says the sugar industry is in crisis after Tongaat Hulett was put under business rescue

By Anathi Madubela

Business

/ 30 November 2022

KwaZulu-Natal grower consortium wants to buy Tongaat Hulett operations

By Anathi Madubela

National

/ 13 November 2022

Anxious wait for farmers as Tongaat Hulett money crisis grips

Next season is also under threat if sugar giant’s mills close

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By Paddy Harper

Business

/ 12 November 2022

Abandoning core sugar business killed off Tongaat Hulett

Departing from its core business, and having its fingers in too many pies, is what crippled Tongaat Hulett and ultimately left it open to massive fraud

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By Anathi Madubela

Business

/ 27 October 2022

Tongaat Hulett placed in business rescue as debt rises

Tongaat Hulett said it entered into business rescue due to its debt burden and that waiting for additional funding exacerbated the already dire situation

By Anathi Madubela

Business

/ 19 January 2022

SAA to revive Durban route

The beleaguered national carrier resumed flights between Johannesburg and Cape Town last September after exiting business rescue

By Sarah Smit

Business

/ 11 June 2021

SAA gets a second wind with new majority shareholder

Takatso consortium will now own 51% of the airline and the state 49%

By Sarah Smit

Business

/ 9 June 2021

SAA will have a strategic equity partner by August, says public enterprises department

The airline’s outstanding government guaranteed debt is R6.4-million and the treasury says there are no new guarantees to mitigate future risks to the fiscus

By Emsie Ferreira

Business

/ 29 May 2021

Gordhan on SAA, political interference and moving SOEs out of his department

The minister addresses the future of the country’s state-owned entities and speculation they may be moved from his portfolio

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By Sarah Smit

Business

/ 6 May 2021

No more bailouts for SAA

After 18 months under administration, the loss-making airline has been cleared for takeoff

By Sarah Smit

Business

/ 29 April 2021

Mango suspends new ticket sales ‘just to be safe’

Mango’s spokesperson would not disclose the low-cost airline’s debt — which led to a brief suspension of flights — but described it as ‘huge’

By Sarah Smit

Opinion

/ 3 April 2021

A debt-equity swap will save SAA

Keeping the airline going is worth it for the jobs and related businesses that will be affected if it goes down

By Philip Machanick

Business

/ 17 March 2021

SAA snubs meeting with Scopa and Gordhan

MPs express frustration at the shoddy work done by the dysfunctional, broke airline and its rescue practitioners, calling their no-show ‘unacceptable’

By Chris Gilili

Business

/ 17 February 2021

Small business owners closing shop and feeling the financial squeeze

The hopes and dreams of many entrepreneurs have been dashed. We track some of the owners of SMMEs, who talk of losing everything they worked for

By Tshegofatso Mathe and Sarah Smit

Business

/ 21 October 2020

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

By Thando Maeko

Business

/ 3 October 2020

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

By Thando Maeko

Business

/ 11 September 2020

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

By Thando Maeko

Business

/ 10 September 2020

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

By Thando Maeko

Business

/ 14 July 2020

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.

By Thando Maeko

Business

/ 16 June 2020

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

By Sabelo Skiti

Business

/ 14 May 2020

‘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

By Sabelo Skiti

Business

/ 7 May 2020

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”

By Tshegofatso Mathe

Article

/ 29 April 2020

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

By Thando Maeko

Article

/ 25 April 2020

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

By Sabelo Skiti

Article

/ 23 April 2020

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

By Sabelo Skiti

Article

/ 23 April 2020

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

By Sabelo Skiti

Article

/ 18 April 2020

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

By Sabelo Skiti