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1.1 Digital Infrastructure Investment Holdings (Pty) Ltd (DIIH) / Metro Fibre Networx (Pty) Ltd (MetroFibre) The Commission has recommended that the Competition Tribunal (Tribunal) approve the proposed transaction whereby DIIH intends to acquire MetroFibre, without conditions.
Bloemfontein High Court Judge President Cagney Musi has ruled that the Business Rescue Practitioners (BRPs) assigned to manage Islandsite Investments have the legal standing to represent the compan...
NPA's bid to confirm preservation order against Sharma postponed ofm.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ofm.co.za Daily Mail and Mail on Sunday newspapers.
South African Airways moves forward with restructuring plans eturbonews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eturbonews.com Daily Mail and Mail on Sunday newspapers.
As Ramaphosa says SAA deal could still unravel, DPE claims process was 'rigorous' news24.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from news24.com Daily Mail and Mail on Sunday newspapers.
Source: South Africa News Agency The Department of Public Enterprises has welcomed the notice of substantial implementation filed by the Business Rescue Practitioners (BRP), which signals the exit of the BRPs at South African Airways (SAA) since the process started in December 2019. “The business rescue process enabled the restructuring of SAA, reducing its cost base and its financial liabilities, creating a sustainable baseline going into the future. The BRPs are handing over to the SAA Interim Board a solvent business,” the department said in a statement. However, the department warned that this does not mean the work is done. It said the board and management will be developing and implementing an interim business plan to sustain operations, while a strategic equity partnership is being finalised.
The balance of the debt owed will be paid over the next three years #SAA's business rescue has come to an end. The national carrier has been under business rescue for 17 months. It has now been handed back to the executives and the board. Business Rescue Practitioners say R7.8 billion rand has been received from government. Courtesy #DStv403pic.twitter.com/NKe8Q4tcC1 — eNCA (@eNCA) April 30, 2021 After 17 months the airline is handed back to the board. The business rescue plan was voted for and approved by creditors on 24 July 2020 with a R10.3 bn funding required for its implementation. To date R7.8 bn has been received from government for the implementation of the Plan.
Clearly, flying a plane is nothing like riding a bicycle – and muscle memory alone cannot be relied upon if you’re a pilot for South African Airways. The company’s new interim CEO, Thomas Kgokolo, has confirmed that all SAA cockpit staff and cabin crew will have to undergo a ‘retraining programme’ before they operate another flight. Pilots to be ‘retrained’ after months out of action The ailing airline has been lying dormant for over a year, after 4 000 jobs were slashed from the national carrier. Billions upon billions have been chucked at the state-owned enterprise, and this ‘new era’ for SAA begins under a cloud of cynicism. They’ve been bailed out by public funds on several occasions – another failure could kill the business for good.