South African low-cost airline Mango, a subsidiary of South Africa's state-owned flag carrier South African Airways (SAA), has confirmed that it will be placed into business rescue. The decision was taken by the airline's board and the Government of South Africa, while consultation with labour groups is currently underway. However, according to the Mango's acting CEO, Mr William Ndlovu, as of now operations will continue according to the airline's operating schedule. The details of the decision to place Mango into business rescue are still being finalised by all stakeholders. We'll keep you posted!
Showing posts with label business rescue. Show all posts
Showing posts with label business rescue. Show all posts
30 September 2020
South Africa: South African Airways (SAA) has suspended all operations!
South Africa's flag carrier, South African Airways (SAA), has suspended all operations with immediate effect on 29 September 2020. The airline's Business Rescue Practitioners (BRP) decided to put the national carrier under "care and maintenance" until funding for a restructuring plan could be found. The suspension of operations may be lifted if the Government of South Africa comes through funds it has promised. According to the airline, all scheduled cargo and repatriation flights will be undertaken but no new ones will be accepted during the suspension. SAA is officially in business rescue since December 2019 after a decade of financial losses. We'll keep you posted!
11 May 2020
South Africa: South African Airways to stay in the air!
South Africa's state-owned flag carrier, South African Airways (SAA), which has been fighting for its survival since entering a form of bankruptcy protection in December 2019, has announced that it will continue to operate repatriation and cargo flights during the month of May 2020 and beyond. The airline reassured that it will honour all existing commitments to provide air transportation services to its customers and any other requests that it receives. There are several requests for repatriation flights to operate to North Africa, West Africa and East Africa, the UK, the Middle East, South America and North America, and the Far East during the course of this month that are being considered by the airline.
"We are in ongoing discussions with the Departments of Public Enterprises (DPE) and that of International Relations and Cooperation (DIRCO), regarding other destinations where South African citizens may be stranded. Further, we are responding proactively in those instances where there is a need for essential humanitarian cargo for our country and for the neighbouring states to be uplifted," says Thandeka Mgoduso, Interim SAA Executive Chairperson.According to South African Airways (SAA), it has transported more than 9 100 passengers to six continents and more than 870 tons of freight since 03 April 2020. As long as such requests are received, the airline will endeavour to fulfill them.
05 May 2020
South Africa: Comair enters business rescue! [update]
update (29 August 2020): Comair's business rescue practitioners have asked for an extension until 02 September 2020 for the publication of the business rescue plan.
update (27 August 2020): According to news reports, Comair has received a R1.5bn (€75m) business rescue offer. The chosen offer from an as-yet-unnamed consortium will see the airline resume operations on 01 December 2020, the return of its former management team under former joint CEO Glenn Orsmond and the delisting of the company from the Johannesburg Stock Exchange (JSE). We'll keep you posted!
update (11 August 2020): Comair has managed to secure R40m in short-term bridging finance that will enable it to meet its limited operational overheads and allow its business rescue process to continue.
update (20 May 2020): According to the business rescue practitioners of Comair, Shaun Collyer and Richard Ferguson, there's a reasonable prospect for the airline to be saved as its assets exceed its liabilities. The business rescue plan will probably be published on 09 June 2020 and the vote to approve the final plan is expected on 24 June 2020.
update (11 May 2020): Comair remains hopeful that operations will resume at or about 01 November 2020.
Comair, which operates scheduled services on domestic routes in South Africa as a British Airways franchisee and also operates as a low-cost carrier under its own kulula.com brand, just announced that it enters business rescue - South Africa's bankruptcy protection process - to safeguard the interests of the company and its stakeholders after the coronavirus pandemic disrupted the implementation of a turnaround plan. According to CEO of Comair, Wrenelle Stander, the company is facing an unprecedented situation following the nationwide lockdown in South Africa. Shaun Collyer and Richard Ferguson have been appointed as the joint business rescue practitioners with effect from 05 May 2020. Comair was granted approval to suspend the trading of its shares on the Johannesburg Stock Exchange (JSE) with immediate effect.
In terms of the lockdown in South Africa Comair was required to stop flying on 26 March 2020 and has not operated any passenger services since. Customers with existing bookings will be able to rebook flights within 12 months of their departure date. There will be no charge for any changes made before 01 November 2020. We'll keep you posted!
update (27 August 2020): According to news reports, Comair has received a R1.5bn (€75m) business rescue offer. The chosen offer from an as-yet-unnamed consortium will see the airline resume operations on 01 December 2020, the return of its former management team under former joint CEO Glenn Orsmond and the delisting of the company from the Johannesburg Stock Exchange (JSE). We'll keep you posted!
update (11 August 2020): Comair has managed to secure R40m in short-term bridging finance that will enable it to meet its limited operational overheads and allow its business rescue process to continue.
update (20 May 2020): According to the business rescue practitioners of Comair, Shaun Collyer and Richard Ferguson, there's a reasonable prospect for the airline to be saved as its assets exceed its liabilities. The business rescue plan will probably be published on 09 June 2020 and the vote to approve the final plan is expected on 24 June 2020.
update (11 May 2020): Comair remains hopeful that operations will resume at or about 01 November 2020.
Comair, which operates scheduled services on domestic routes in South Africa as a British Airways franchisee and also operates as a low-cost carrier under its own kulula.com brand, just announced that it enters business rescue - South Africa's bankruptcy protection process - to safeguard the interests of the company and its stakeholders after the coronavirus pandemic disrupted the implementation of a turnaround plan. According to CEO of Comair, Wrenelle Stander, the company is facing an unprecedented situation following the nationwide lockdown in South Africa. Shaun Collyer and Richard Ferguson have been appointed as the joint business rescue practitioners with effect from 05 May 2020. Comair was granted approval to suspend the trading of its shares on the Johannesburg Stock Exchange (JSE) with immediate effect.
In terms of the lockdown in South Africa Comair was required to stop flying on 26 March 2020 and has not operated any passenger services since. Customers with existing bookings will be able to rebook flights within 12 months of their departure date. There will be no charge for any changes made before 01 November 2020. We'll keep you posted!
28 April 2020
South Africa: SA Express has been placed under provisional liquidation! [update]
update (10 June 2020): According to Democratic Alliance (DA) MP Alf Lees, the liquidators have been granted the three-month extension by the Johannesburg High Court this morning.
update (10 June 2020): The liquidators of South African state-owned regional airline SA Express want the Johannesburg High Court to delay the final closure of the airline by three months, so that there is more time to investigate its affairs and work on a potential rescue plan. The request has been supported by some SA Express creditors and trade unions representing the airline's workers including the National Union of Metalworkers of SA (Numsa) and the South African Cabin Crew Association (Sacca).
update (29 April 2020): The final decision on the future of state-owned airline SA Express is to be made in June 2020.
South African state-owned regional airline SA Express has been placed under provisional liquidation by the Johannesburg High Court on 28 April 2020. The airline is the first state-owned entity to do so after the failure of its business rescue process. The appointed business rescue practitioners of SA Express, Phahlani Mkhombo and Daniel Terblanche, filed an urgent court application to the Johannesburg High Court on 25 March 2020 to provisionally liquidate the airline after the South African Government denied post-commencement funding. This comes after SA Express was placed under business rescue, a form of bankruptcy protection, in February 2020 and the suspension of operations due to the coronavirus pandemic on 18 March 2020. We'll keep you posted!
update (10 June 2020): The liquidators of South African state-owned regional airline SA Express want the Johannesburg High Court to delay the final closure of the airline by three months, so that there is more time to investigate its affairs and work on a potential rescue plan. The request has been supported by some SA Express creditors and trade unions representing the airline's workers including the National Union of Metalworkers of SA (Numsa) and the South African Cabin Crew Association (Sacca).
update (29 April 2020): The final decision on the future of state-owned airline SA Express is to be made in June 2020.
South African state-owned regional airline SA Express has been placed under provisional liquidation by the Johannesburg High Court on 28 April 2020. The airline is the first state-owned entity to do so after the failure of its business rescue process. The appointed business rescue practitioners of SA Express, Phahlani Mkhombo and Daniel Terblanche, filed an urgent court application to the Johannesburg High Court on 25 March 2020 to provisionally liquidate the airline after the South African Government denied post-commencement funding. This comes after SA Express was placed under business rescue, a form of bankruptcy protection, in February 2020 and the suspension of operations due to the coronavirus pandemic on 18 March 2020. We'll keep you posted!
27 March 2020
South African Airways' Business Rescue Plan release extended to end of May 2020! [update]
update (17 June 2020): The long-awaited business rescue plan for South African Airways was finally published on 16 June 2020.
update (04 June 2020): The South African Airways (SAA) Business Rescue Practitioners (BRPs), Siviwe Dongwana and Les Matuson, have issued a draft business rescue plan to affected persons for comment and consultation. They have also received an extension as requested, for its final publication to 08 June 2020.
South African Airways' (SAA) Business Rescue Practitioners (BRPs) Siviwe Dongwana and Les Matuson have received another extension from lenders and creditors to publish their long-awaited business rescue plan to save South Africa's embattled flag carrier from liquidation. A majority of lenders and creditors agreed to the extension. In the request for a postponement, the Business Rescue Practitioners (BRPs) pointed out that the uncertainty of the impact of the coronavirus pandemic on South African Airways (SAA) and the global aviation industry as well as the need for lengthy redundancy talks with labour unions makes an extension inevitable. The new deadline for the business rescue plan is the 29 May 2020.
null
null
South African Airways' (SAA) Business Rescue Practitioners (BRPs) Siviwe Dongwana and Les Matuson have received another extension from lenders and creditors to publish their long-awaited business rescue plan to save South Africa's embattled flag carrier from liquidation. A majority of lenders and creditors agreed to the extension. In the request for a postponement, the Business Rescue Practitioners (BRPs) pointed out that the uncertainty of the impact of the coronavirus pandemic on South African Airways (SAA) and the global aviation industry as well as the need for lengthy redundancy talks with labour unions makes an extension inevitable. The new deadline for the business rescue plan is the 29 May 2020.
28 February 2020
South African Airways' Business Rescue Plan release extended to 31 March 2020!
South African Airways' (SAA) Business Rescue Practitioners (BRPs) Siviwe Dongwana and Les Matuson have received an one-month extension from lenders and creditors to publish their plan to save South Africa's embattled flag carrier from liquidation. A majority of lenders and creditors agreed to the extension. The two Business Rescue Practitioners (BRPs) can now file their Business Rescue Plan on South African Airways (SAA) by the end of March 2020.
"We believe that a further extension of one month will allow for sufficient time for us to finalise the Plan, given the complexity and extent of engagement that is required in a business of this size. We then intend to communicate the Plan to the creditors committee, the employees committee and the shareholder, prior to the formal publication of the Plan". [src.]South African Airways (SAA) has been placed under business rescue since December 2019, with Business Rescue Practitioners (BRPs) Siviwe Dongwana and Les Matuson taking over the management of the airline.
13 February 2020
Business Rescue: SA Express operations continue as normal!
South African state-owned airline SA Express has confirmed that it is now under a formal Business Rescue restructuring process and that all its regional and domestic operations continue as normal. According to the airline, the Business Rescue process is well-coordinated with no disruptions to customers and employees.
SA Express was placed under Business Rescue, a form of bankruptcy protection, by the Johannesburg High Court on 06 February 2020 due to a lawsuit brought forward by global logistics company Ziegler SA which claimed that the airline is technically insolvent and is owing it about ZAR11.3 million.
SA Express was placed under Business Rescue, a form of bankruptcy protection, by the Johannesburg High Court on 06 February 2020 due to a lawsuit brought forward by global logistics company Ziegler SA which claimed that the airline is technically insolvent and is owing it about ZAR11.3 million.
06 February 2020
Business rescue: South African Airways to cut selected domestic, regional and international flights!
According to the latest press release by South African Airways (SAA), the joint Business Rescue Practitioners (BRPs) of the airline have identified which routes will be retained to drive a restructured SAA towards profitability.
South African Airways (SAA) will continue to operate all international services between Johannesburg and Frankfurt, London (Heathrow), New York, Perth and Washington via Accra. Regional flights from Johannesburg to Blantyre, Dar es Salaam, Harare, Kinshasa, Lagos, Lilongwe, Lusaka, Maputo, Mauritius, Nairobi, Victoria Falls and Windhoek will also be retained. On the domestic route network, South African Airways (SAA) will continue to serve Cape Town on a reduced basis. All other domestic destinations, including Durban, East London and Port Elizabeth, will cease to be operated by SAA on 29 February 2020.
Effective 29 February 2020, South African Airways (SAA) will also close the following regional and international services from Johannesburg to Abidjan via Accra, Entebbe, Guangzhou, Hong Kong, Livingstone, Luanda, Munich, Ndola, and Sao Paulo.
All customers booked on any cancelled international and regional routes will receive a full refund. Customers booked on cancelled domestic flights will be re-accommodated on services operated by Mango. As of now, South African Airways (SAA) does not intend to make any further significant network changes. We'll keep you posted!
South African Airways (SAA) will continue to operate all international services between Johannesburg and Frankfurt, London (Heathrow), New York, Perth and Washington via Accra. Regional flights from Johannesburg to Blantyre, Dar es Salaam, Harare, Kinshasa, Lagos, Lilongwe, Lusaka, Maputo, Mauritius, Nairobi, Victoria Falls and Windhoek will also be retained. On the domestic route network, South African Airways (SAA) will continue to serve Cape Town on a reduced basis. All other domestic destinations, including Durban, East London and Port Elizabeth, will cease to be operated by SAA on 29 February 2020.
Effective 29 February 2020, South African Airways (SAA) will also close the following regional and international services from Johannesburg to Abidjan via Accra, Entebbe, Guangzhou, Hong Kong, Livingstone, Luanda, Munich, Ndola, and Sao Paulo.
All customers booked on any cancelled international and regional routes will receive a full refund. Customers booked on cancelled domestic flights will be re-accommodated on services operated by Mango. As of now, South African Airways (SAA) does not intend to make any further significant network changes. We'll keep you posted!
South Africa: SA Express must go into business rescue!
The Johannesburg High Court ruled earlier today (06 February 2020) that South African state-owned airline SA Express must be placed into business rescue. It comes just a matter of weeks after South African Airways (SAA) were forced into the same measures. In a first reaction, SA Express has instructed its attorneys to apply for leave to appeal. According to a press release by the airline, the Johannesburg High Court "went over and above what it was required and granted orders not sought by the applicant".
SA Express is a South African domestic and regional passenger and cargo carrier. Although the airline is operationally independent of South African Airways, its flights are incorporated within the strategic alliance with South African Airways.
SA Express is a South African domestic and regional passenger and cargo carrier. Although the airline is operationally independent of South African Airways, its flights are incorporated within the strategic alliance with South African Airways.
21 January 2020
South African Airways temporarily cancels selected domestic flights & international service to Munich!
South Africa's flag carrier, South African Airways (SAA), has canceled selected domestic flights between Johannesburg (JNB) and Cape Town (CPT) as well as between Johannesburg (JNB) and Durban (DBN). In addition, the airline has also canceled selected services beween Johannesburg (JNB) and Munich (MUC) in Germany and will be reviewing further possible flight schedule amendments over the coming days. According to a media release by South African Airways (SAA), the cancellations are in line with SAA's usual policy of reviewing flights and consolidating services with low demand. Furthermore, during the current process of business rescue, these cancellations represent a responsible strategy to conserve cash and optimise the airline's position ahead of any further capital investment.
The following domestic flights operated by SAA have been cancelled:
Johannesburg (JNB) - Cape Town (CPT)
SA303 | Depart 0530 - Arrive 0735 | Dates: 20, 21 & 24 January 2020
SA307 | Depart 0700 - Arrive 0905 |Dates: 21 January 2020
Cape Town (CPT) - Johannesburg (JNB)
SA316 | Depart 0820 - Arrive 1015 | Dates: 20, 21 & 24 January 2020
SA322 | Depart 0950 - Arrive 1145 | Dates: 21 January 2020
Johannesburg (JNB) - Durban (DBN)
SA527 | Depart 0630 - Arrive 0735 | Dates: 20, 21, 22 & 23 January 2020
SA543 | Depart 0955 - Arrive 1100 | Dates: 20, 21, 22 & 23 January 2020
SA571 | Depart 1655 - Arrive 1800 | Dates: 20 & 21 January 2020
Durban (DBN) - Johannesburg (JNB)
SA534 | Depart 0805 - Arrive 0910 | Dates: 20, 21, 22 & 23 January 2020
SA550 | Depart 1130 - Arrive 1235 | Dates: 20, 21, 22 & 23 January 2020
SA578 | Depart 1840 - Arrive 1945 | Dates: 20 & 21 January 2020
The following international flights have been cancelled:
Johannesburg (JNB) – Munich (MUC)
SA264 | Depart 2115 - Arrive 0700 | Dates: 20, 21, 22, 23 & 24 January 2020
Munich (MUC) – Johannesburg (JNB)
SA265 | Depart 2030 - Arrive 0820 | Dates: 20, 21, 22, 23 & 24 January 2020
South African Airways (SAA) is working closely with its sister airline Mango to re-accommodate passengers on alternative domestic services operated by both airlines to minimise disruption. Passengers booked on flights between Johannesburg (JNB) and Munich (MUC) will get re-accommodated on SAA's services between Johannesburg (JNB) and Frankfurt (FRA) as well as London Heathrow (LHR). Some passengers travelling to Munich (MUC), and others travelling via Munich (MUC) to other destinations, will be re-accommodated for some of their journey on partner airlines in the Star Alliance to minimise delays.
The following domestic flights operated by SAA have been cancelled:
Johannesburg (JNB) - Cape Town (CPT)
SA303 | Depart 0530 - Arrive 0735 | Dates: 20, 21 & 24 January 2020
SA307 | Depart 0700 - Arrive 0905 |Dates: 21 January 2020
Cape Town (CPT) - Johannesburg (JNB)
SA316 | Depart 0820 - Arrive 1015 | Dates: 20, 21 & 24 January 2020
SA322 | Depart 0950 - Arrive 1145 | Dates: 21 January 2020
Johannesburg (JNB) - Durban (DBN)
SA527 | Depart 0630 - Arrive 0735 | Dates: 20, 21, 22 & 23 January 2020
SA543 | Depart 0955 - Arrive 1100 | Dates: 20, 21, 22 & 23 January 2020
SA571 | Depart 1655 - Arrive 1800 | Dates: 20 & 21 January 2020
Durban (DBN) - Johannesburg (JNB)
SA534 | Depart 0805 - Arrive 0910 | Dates: 20, 21, 22 & 23 January 2020
SA550 | Depart 1130 - Arrive 1235 | Dates: 20, 21, 22 & 23 January 2020
SA578 | Depart 1840 - Arrive 1945 | Dates: 20 & 21 January 2020
The following international flights have been cancelled:
Johannesburg (JNB) – Munich (MUC)
SA264 | Depart 2115 - Arrive 0700 | Dates: 20, 21, 22, 23 & 24 January 2020
Munich (MUC) – Johannesburg (JNB)
SA265 | Depart 2030 - Arrive 0820 | Dates: 20, 21, 22, 23 & 24 January 2020
South African Airways (SAA) is working closely with its sister airline Mango to re-accommodate passengers on alternative domestic services operated by both airlines to minimise disruption. Passengers booked on flights between Johannesburg (JNB) and Munich (MUC) will get re-accommodated on SAA's services between Johannesburg (JNB) and Frankfurt (FRA) as well as London Heathrow (LHR). Some passengers travelling to Munich (MUC), and others travelling via Munich (MUC) to other destinations, will be re-accommodated for some of their journey on partner airlines in the Star Alliance to minimise delays.
05 December 2019
South Africa: South African Airways to be put into business rescue! [update]
update (09 December 2019): South African Airways is officially in business rescue. The notice of commencement of business rescue proceedings was filed with the Companies and Intellectual Property Commission (CIPC) on 05 December 2019, as per Chapter 6 of the Companies Act 2008 (Act 71 of 2008). The CIPC has processed the appointment of the business rescue practitioner, Mr Les Matuson from Matuson Associates in South African Airways' voluntary business rescue process.
South Africa's flag carrier, South African Airways, has adopted a resolution to place the company into a state-approved business rescue at the earliest opportunity in order to put the company on a sustainable footing and save jobs. The business rescue process will be directed by an independent practitioner.
According to a statement by South African Airways, the airline will endeavour to operate a new provisional timetable and will publish details shortly. Services operated by Mango, a subsidiary of South African Airways, will continue as usual and as scheduled. We'll keep you posted!
South Africa's flag carrier, South African Airways, has adopted a resolution to place the company into a state-approved business rescue at the earliest opportunity in order to put the company on a sustainable footing and save jobs. The business rescue process will be directed by an independent practitioner.
According to a statement by South African Airways, the airline will endeavour to operate a new provisional timetable and will publish details shortly. Services operated by Mango, a subsidiary of South African Airways, will continue as usual and as scheduled. We'll keep you posted!
Subscribe to:
Posts (Atom)