SAA directors name creditor assembly

Directors at state-owned South African Airways (SAA) have known as a creditor assembly for Friday as funding for the airline’s restructuring has not been acquired as anticipated, the directors stated on Thursday.

The creditor assembly might be convened at 11:00 native time (0900 GMT) to debate the funding subject and the proposed way forward for the corporate, the directors stated.

The directors took management of SAA in December after nearly a decade of monetary losses and revealed a rescue plan in June following repeated delays and wrangling over its future.

That plan, which envisages scaling again SAA’s fleet and slicing jobs, wants a minimum of R10 billion ($612 million) in new funds to work.

The federal government has dedicated to mobilise the funding however has not stated the place it’ll come from. It stated final week resolution on funding can be introduced quickly.