South African Airways (SAA) has spent just under 10 billion rand ($540 million) since it entered a form of bankruptcy protection, business rescue practitioners said on Friday as they flagged a structured wind-down process as their preferred option for the carrier.
FILE PHOTO: A South African Airways plane is towed at O.R. Tambo International Airport in Johannesburg, South Africa, January 18, 2020. REUTERS/Rogan Ward
“In terms of the amount of money that has been utilized... by the airline from the fifth of December to the end of April we indicate that the total spend was 9.9 billion rand,” Siviwe Dongwana, joint business rescue practitioner appointed to turn around SAA, told lawmakers on Friday. Administrators at SAA said in the absence of extra funding the best way forward might be to run a structured wind-down of the business rather than liquidation, which opposition parties have called for.
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