The business rescue process of SAA is on a significantly sounder footing following news earlier this afternoon that the airline’s joint business rescue practitioners have been successful in obtaining the balance of the post commencement funding (PCF).
This funding of R2bn (around €125 million) is required to meet the short-term liquidity requirements of the national carrier until the business rescue plan is published and adopted.
“Passengers, travel agencies and airline partners may continue to book air travel on SAA with confidence,” said Louise Brugman, spokesperson for the two practitioners – Les Matuson and Siviwe Dongwana – who were appointed last month.
This ends weeks of uncertainty around the future of the national carrier following reports that the R2 billion (€125 million) earmarked for SAA had still not been received from government.
Brugman highlighted that discussions held with financial institutions had been fruitful, with the Development Bank of Southern Africa offering to provide the next tranche of PCF, for a total amount of R3.5 billion (approximately €217 million) – with an immediate draw-down of R2 billion ((€125 million).
Furthermore, funding for the restructuring phase after the business rescue plan is adopted is being considered by potential funders.
“The restructuring of SAA will provide an opportunity to develop a sustainable, competitive and efficient airline with a strategic equity partner remaining the objective of government through this exercise and will result in the preservation of jobs wherever possible,” said Brugman.
BA suspends mainland China flights
British Airways has suspended all flights to and from mainland China, until at least March, following Foreign Office advice against all but essential travel to the country as the coronavirus crisis deepens.
Due to recent announcement by the Chinese Government on the spread of Corona Virus, customers travelling on Emirates to/from WUHAN / SHANHAI / BEJING/ GUANGZHOU can opt to change their flights as per the below guidelines. There are procedures in place for reissues or refunds. Please contact XL Oceanair Travel if you require assistance with any ticket issued.
To date, in South Africa there have been no suspected cases reported. Port health professionals routinely conduct temperature screening for all international travellers. However, due to the current risk of importation of inadvertent cases of 2019-nCoV from Wuhan City – China, Port Health authorities have enhanced surveillance of all travellers from Asia, especially China.sis and respond to a possible 2019-nCoV case. Provinces have activated outbreak response teams and are on high alert to detect and manage inadvertent cases that may arrive in the country. There have been no restrictions imposed on travel to China based on information currently available. In addition, the World Health Organization (WHO) does not recommend any restriction of travel or trade. However, the department advises travellers to Wuhan (China) should avoid contact with animals and are encouraged to practice good hand hygiene and cough etiquette in order to reduce the risk of infection with respiratory viruses.
The following steps are emphasised:
‒ Avoid close contact with people suffering from acute respiratory infections.
‒ Practice frequent hand-washing, especially after direct contact with ill people or their environment. ‒ Avoid visiting markets where live animals are sold.
‒ Travellers with symptoms of acute respiratory infection should practice cough etiquette (maintain distance, cover coughs and sneezes with disposable tissues or clothing and wash hands).
‒ Health practitioners should provide travellers with information to reduce the general risk of acute respiratory infections, via travel health clinics, travel agencies, conveyance operators and at points of entry.
Travellers should also be encouraged to self-report if they feel ill.