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South African Airways administrators prefer structured wind-down to liquidating struggling airline

Reuters | Cape Town | Updated: 15-05-2020 21:44 IST | Created: 15-05-2020 21:39 IST
South African Airways administrators prefer structured wind-down to liquidating struggling airline
Representative image Image Credit: Twitter (@flySAA_US)

Administrators at state-owned South African Airways (SAA) told lawmakers on Friday that the best way forward for the troubled airline is not to liquidate it but to run a structured wind-down of the business, in absence of additional funding.

"There is no question of doubt in my mind that a liquidation process would materially erode value and the net recovery for creditors could be an absolute disaster," said Les Matuson, joint business rescue practitioner at SAA, when answering questions from lawmakers.

"We would not recommend a liquidation in a hurry to anybody."


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