Creditor's vote on SAA's Business Rescue Practitioners revised rescue plan

SAfm — SAA and its associated business rescue practitioners are today in a meeting with creditors and employees as the debate surrounding liberation versus liquidation rages on. In the lead-up to today's meeting, the Department of Public Enterprises, led by Minister Pravin Gordhan, has called on both unions and creditors to support the creation of a new national carrier. Today, the business rescue plan - which could cost the South African taxpayer anywhere been R16 billion and R30 billion to save SAA - will be voted on by the national carrier's creditors. If less than 75% of stakeholders vote in favour of the business rescue plan, SAA will be face liquidation, which, if finalised, will result in diminished severance pay-outs…To help us better understand the significance of today's vote, we spoke to Aviation Analyst, Desmond Latham.