South Africa Union Files Court Case to Force SAA Rescue
JOHANNESBURG – A South African union filed a case on Thursday asking a court to subject the distressed state-owned airline SAA to a business rescue, with the aim of restoring it to profitability. Solidarity, which mostly represents white, Afrikaans-speaking employees, said it would “mean that the court can appoint a business rescue practitioner with comprehensive […]
JOHANNESBURG – A South African union filed a case on Thursday asking a court to subject the distressed state-owned airline SAA to a business rescue, with the aim of restoring it to profitability.
Solidarity, which mostly represents white, Afrikaans-speaking employees, said it would “mean that the court can appoint a business rescue practitioner with comprehensive powers to rescue the airline”.
A crippling six-day strike in the past week has pushed South African Airways to the brink of financial collapse.
Such a rescue would hand over control to a business rescue practitioner who then tries to restore the company in order to avoid liquidation.
(Reporting by Tim Cocks; Editing by Toby Chopra)