South African Airways’ board of directors has adopted a resolution to place the company into business rescue at the earliest opportunity.
This follows consultation with its shareholders and the Department of Public Enterprises, and is an attempt to find a solution to the company’s well-documented financial challenges.
Furthermore, the company is seeking to minimise the destruction of value across its subsidiaries and provide the best prospects for selected activities within the group to continue operating successfully.
SAA will endeavour to operate a new provisional timetable.
The board of directors will announce the appointment of business practitioners in the near future.
SAA’s subsidiary airline, Mango, will continue as usual and as scheduled.