South African Airways Restructuring Vote Delayed Until Next Month

A vote on a restructuring plan for loss-making South African Airways (SAA) was delayed until next month on Thursday, after some creditors and trade unions secured an adjournment after months of wrangling over the airline’s future, Reuters reported. The administrators, who took over SAA in December after almost a decade of financial losses, published their restructuring plan last week and now expect the vote to take place on July 14. The plan involves scaling back SAA’s fleet while keeping most routes intact but needs the government to find at least 10 billion rand ($578 million) of new funds to pay some creditors, fund thousands of layoffs and restart the airline as COVID-19 travel restrictions ease. It is not clear where those funds will come from, after the finance minister allocated no new money for SAA in an emergency budget. Read more