South African Airways Enters Critical Week in Funding Search
- Administrators say they are making plans for liquidation
- Government has said many private offers have been made
Photographer: Waldo Swiegers/Bloomberg
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South African Airways administrators said they will decide within the next week whether to sell or liquidate the insolvent carrier if 10.5 billion rand ($620 million) pledged by the government fails to be delivered.
The business-rescue practitioners have placed SAA under care and maintenance in the meantime, suspending all operations, while they wait for the state to come up with the required package, according to a letter to creditors sent on Tuesday.