86% of creditors voted in favour of the business rescue plan.
The plan is now going to be adopted and implemented, after a six-month delay.
“The DPE [Department of Public Enterprises] believes that the favourable vote is a much better outcome for creditors and SAA employees than liquidation, and the government remains confident that the implementation of the business rescue plan will balance the rights and interests of all parties,” read the statement.Saunders was at the International Air Transport Association before joining SAA.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
86% of SAA creditors approve revised business rescue plan, new CEO appointedFollowing a creditors meeting held on Tuesday, 86% of South African Airway's creditors have voted in support of the revised business rescue plan. Phillip Saunders has been appointed the new interim CEO.
Read more »
BUSINESS MAVERICK OP-ED: SAA rescue plan reveals government’s tunnel visionWhat is the point of throwing everything at SAA when the rest of the air transport system and entire industries upon which SAA depends are collapsing?
Read more »
SAA unions, creditors should become ‘co-creators of a new national airline’Some seven months after it entered business rescue, a vote on the airline's future is at long last expected take place on Tuesday.
Read more »
NEWS ANALYSIS: Showdown in the SAA rescue saga is at handAs taxpayers await the bill, Gordhan is almost at the point where he must reveal his hand
Read more »
Gordhan calls on SAA unions, creditors to become 'co-creators of a new national airline' | Fin24Ahead of a key vote on the future of embattled national carrier SAA, Pravin Gordhan's Department of Public Enterprises has called on unions and creditors to become the 'co-creators of a new national airline'. | Fin24
Read more »
NEWS ANALYSIS: Showdown in the SAA rescue saga is at handAs taxpayers await the bill, Gordhan is almost at the point where he must reveal his hand
Read more »