SAA directors name Friday 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 obtained as anticipated, the directors stated on Thursday.

The creditor assembly will probably be convened at 11am 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 printed 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 no less than 10 billion rand ($612 million) in new funds to work.

The federal government has dedicated to mobilise the funding however has not stated the place it is going to come from. It stated final week determination on funding could be introduced quickly.