DA calls for the immediate release of the SAA business rescue plan
16 June 2020
The Democratic Alliance (DA) calls on the South African Airways (SAA) business rescue practitioners (BRPs), Les Matuson and Siviwe Dongwana to immediately release the long-overdue SAA business rescue plan.
It is not surprising that there is still no sign of a business rescue plan despite the expiry of the 15 June 2020 extension the Court granted the BRPs at the eleventh hour on 8 June 2020.
The continuous delays and missed deadlines make a complete mockery of the entire process. It also reaffirms suspicions that the BRPs were never in control of the process because it was intercepted by political meddling.
SAA was placed under business rescue on 5 December 2019 and the BRPs Les Matuson and Siviwe Dongwana were required by the Companies Act to produce a business rescue plan with 25 days. Now some six months (or 194 days) and five creditors-approved extensions later there is still no sign of a business rescue plan emanating from Matuson and Dongwana.