SAA administrators call Friday creditor meeting
Administrators at state-owned South African Airways (SAA) have called a creditor meeting for Friday as funding for the airline's restructuring has not been received as anticipated, the administrators said on Thursday.
The creditor meeting will be convened at 11am to discuss the funding issue and the proposed future of the company, the administrators said.
The administrators took control of SAA in December after almost a decade of financial losses and published a rescue plan in June following repeated delays and wrangling over its future.
That plan, which envisages scaling back SAA's fleet and cutting jobs, needs at least 10 billion rand ($612 million) in new funds to work.
The government has committed to mobilise the funding but has not said where it will come from. It said last week that a decision on funding would be announced soon.
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