UPDATE (19h00 June 8): SAA’s BRPs have received approval for an extension – to June 15 – on the publication of the Business Rescue Plan.
Both SAA and Comair’s business rescue practitioners (BRPs) gave creditors until close of business yesterday (Monday, June 8) to vote for or against an extension of the presentation of the airlines’ respective business rescue plans.
In SAA’s case this was prompted by the employees’ committee members deciding that they would not want to consult on the draft plan in that forum but rather through the Leadership Compact Forum (LCF) that was set up by the Department of Public Enterprises.
They sent the practitioners correspondence to that effect.
Spokesperson for SAA’s BRPs – Les Matuson and Siviwe Dongwana – Louise Brugman said they had sent the practitioners correspondence to that effect. “This consultation has not occurred.
“The practitioners have been consulting on the business rescue draft plan with various stakeholders and, to this end, have had meaningful engagements with the creditors’ committee on various aspects of the draft plan that was distributed to the creditors’ and employees’ committees.
On Friday (June 5) Minnaar Niehaus Attorneys – who represent NUMSA, SACCA and SAAPA – wrote to the practitioners objecting to the publication of the business rescue plan pending further engagements in the LCF on the draft business rescue plan.
In their correspondence, they requested an extension until June 15 for the publication of the business rescue plan.
“The practitioners have had ongoing engagements with the DPE regarding their submissions on the plan and the current outcome of the LCF engagements in relation to the employees and these have been incorporated into the business rescue plan that was ready for publication on June 8.
“However, the practitioners thought it would not be appropriate to proceed with the publication of the business rescue plan without conveying the request of the unions that represent a majority of the SAA employees,” said the joint BRPs in a statement.
Short extension requested for Comair
Comair’s BRPs, Shaun Collyer and Richard Ferguson – who were set to publish their plan tomorrow (June 9), have asked creditors for a short extension until June 23.
The reasons are:
- Comair is still in the process of finalising its financial statements for April. This information is required so that the practitioners are able to reconcile creditors’ claims with the company’s records.
- Comair is awaiting the independent calculation of the liquidation dividend that creditors would receive if the company were to go into liquidation. This calculation must be included in the business rescue plan.
- The business rescue practitioners would like to consult further with affected parties in order to prepare a thorough business rescue plan.
“As we’ve said repeatedly our aim is to return Comair to the skies by November for the benefit of everyone and contribute to the recovery of the South African economy. We believe we remain on track to do this but need a little more time to complete a suitably comprehensive and sustainable business rescue plan,” the BRPs said in a statement.
Comair creditors can raise any written objections by emailing: creditorclaims@comair.co.za
