CAPE TOWN - The business rescue practitioners of South African Airways on Friday convened the first meeting of the failing airline's creditors and concluded that there was a reasonable prospect of conducting a successful business rescue.
The aim of the meeting set up by business rescuers Les Matuson and Siviwe Dongwana, was also to set up creditors' committee and to receive valid claims from creditors.
Matuson said: “Our primary objective of the business rescue process is to either rescue SAA through restructuring its affairs, business, property, debt and other liabilities and equity that maximizes the likelihood of the company continuing on a solvent basis or develop a plan that results in a better return for the company’s creditors or shareholders than would result from the immediate liquidation of SAA”.
He noted that the vast majority of business rescue proceedings in South Africa have pursued the second option.
"The joint business rescue practitioners are of the opinion that there is a reasonable prospect of a successful Business Rescue notwithstanding the inevitable risks and challenges."