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SAA restructuring expected soon Fakaza News - Creditor meeting will be summoned on Friday following funding issue

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Creditor meeting will be summoned on Friday following funding issue

The creditor assembly can be summoned to debate concerning the funding difficulty and the proposed way forward for the money strapped state-owned entity

SA Plane 1 - Creditor meeting will be summoned on Friday following funding issue

Directors at South African Airways (SAA) have summoned for a creditor assembly on Friday for the reason that funding for restructuring of the airline has not been gotten as anticipated.

The creditor assembly can be summoned to debate concerning the funding difficulty and the proposed way forward for the money strapped state-owned entity.

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In December, the directors took over the struggling airline after it suffered monetary losses for over a decade and posted a rescue plan in June following fixed delays and wrangling over its future.

That plan, which anticipates reducing jobs and scaling again SAA’s fleet, wants nothing lower than R10 billion in new funds to work out.

The federal government has additionally been dedicated in mobilising the fund however has not revealed the place it’ll emanate from.

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