A 75% vote in favour of the business rescue plan will be enough to pass it. Bigger creditors, such as the banks, hold the majority of the voting rights and if they all vote in favour of the plan, it should pass.
All eyes in the aviation sector will be on Tuesday's crucial meeting where creditors will decide the fate of stricken state-owned airline SAA.
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Public enterprises firm on retrenchment offer to SAA pilotsRetrenchment packages provide hefty incentives to the lower-paid employees
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Government not prepared to meet additional demands from SAA pilotsThe government said it was concerned that pilots at troubled SAA were seeking benefits which were much higher than those of other employees.
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No rescue plan, no retrenchments – Labour Court tells SAA BRPsCourt upholds decision that it would be procedurally unfair to retrench workers without a published business rescue plan.
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