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!
Showing posts with label liquidation. Show all posts
Showing posts with label liquidation. Show all posts
28 April 2020
03 December 2012
Malawi: Air Malawi placed under voluntary liquidation
The government of Malawi has placed the state-owned national carrier of the country, Air Malawi, under voluntary liquidation. It has created a new company, Air Malawi (2012) Ltd. which is currently searching for a strategic partner for co-investment into its operations. The government has decided to continue Air Malawi's operations until a such a partner has been identified to take over 49% of the airline's shares.
Air Malawi is a regional carrier in southern and eastern Africa. The airline's main base is Chileka International Airport, Blantyre, with a hub at Lilongwe International Airport in Lilongwe.
Air Malawi is a regional carrier in southern and eastern Africa. The airline's main base is Chileka International Airport, Blantyre, with a hub at Lilongwe International Airport in Lilongwe.
25 January 2012
Air Zimbabwe is facing possible liquidation
In response to an application filed by Zimbabwe's National Airways Workers Union and Air Transport Union demanding the payment of unpaid compensation of US$35 million going back to 2009, Air Zimbabwe was placed under judicial management by the Zimbabwean High Court.
According to Caleb Mucheche, the lawyer representing the workers of Air Zimbabwe, the struggling airline is now facing a possible liquidation after the High Court appointed a judicial manager and barred the Air Zimbabwe board from any involvement with the company.
Zimbabwe's newspaper "The New Zimbabwe" is furthermore reporting in their online edition that Air Zimbabwe is currently battling a US$140 million debt pile including obligations to the National Social Security Authority (NSSA), Zimbabwe Revenue Authority (ZIMRA) as well as the workers’ medical aid and pension schemes.
According to Caleb Mucheche, the lawyer representing the workers of Air Zimbabwe, the struggling airline is now facing a possible liquidation after the High Court appointed a judicial manager and barred the Air Zimbabwe board from any involvement with the company.
Zimbabwe's newspaper "The New Zimbabwe" is furthermore reporting in their online edition that Air Zimbabwe is currently battling a US$140 million debt pile including obligations to the National Social Security Authority (NSSA), Zimbabwe Revenue Authority (ZIMRA) as well as the workers’ medical aid and pension schemes.
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