This archive report was first published on 4 May 2021.
South African Airways (SAA) has successfully exited business rescue, a form of bankruptcy protection, after a 17-month period. The airline's administrators have discharged the business rescue plan and handed over operations to the board and executive team.
According to a statement from the administrators, a notice of 'substantial implementation' of the business rescue plan has been filed with South Africa's Companies and Intellectual Property Commission.
The Department of Public Enterprises (DPE) has confirmed that the government is in the final stages of negotiations with SAA's preferred equity partner. However, no timeline has been provided for the resumption of flights.
As reported by Reuters, SAA was placed under business rescue in December 2019, and its financial woes worsened during the COVID-19 pandemic.
South Africa's flag carrier has now been deemed solvent, paving the way for its future operations.
