Staff Reporter
JOHANNESBURG- Government has decided that SAA must go into voluntary business rescue. This is according to a letter signed by Presidency director-general Cassius Lubisi.
Africa news 24-7 broke the news via its Twitter account earlier today, citing impeccable sources.
Breaking News: Africa News 24-7 has learnt from impeccable sources that ailing national carrier, SAA is set to be placed under business rescue later this afternoon. This is a developing story
— Africa News 24-7 (@AfricaNews24_7) December 4, 2019
In a memo signed today addressed to all government ministers and deputy minister, Secretary of Parliament Cassius Lubisi said he had been directed by President Cyril Ramaphosa to inform all members of the Executive “of the need to change the approach adopted by Cabinet in regard to addressing the dire situation in Which SAA finds itself”.
“Cabinet adopted an approach that entailed the restructuring of SAA. However, after discussions with various key stakeholders including potential lenders, developments have now necessitated a change of approach to SAA conundrum. In this regard, SAA will have to urgently go into voluntary business rescue. This is the only viable route open to the government to avoid a uncontrolled implosion of the national airline,” Lubisi said.
Click here to see full memo
