SAA rescue plan approved

The majority (86%) of SAA creditors have voted in favour of the SAA business rescue plan, helping the airline to avoid liquidation, for now. Philip Saunders has been named as the new interim CEO, who replaces former SAA CEO Zuks Ramasia, who took early retirement in April 2020. Media reports suggest under the plan that commercial banks, owed a combined R16.4-billion by SAA, will be paid through the business rescue process. The plan also requires the loss of 2,700 jobs. The funding of the plan still needs to be approved by the government, which needs to settle the airline’s debt,