South African Airways has a reasonable chance of rescue - practitioner

There is a reasonable chance that South African Airways (SAA) can be saved, according to a turnaround specialist who was appointed to try and pull the state-run carrier back from the brink of collapse.

Les Matuson, the business rescue practitioner charged with assessing whether there was any chance of rescuing the troubled state-run carrier and its 10,000 related jobs, and his team argued that rescuing SAA would be a better outcome for all stakeholders than a liquidation.

In event of liquidation of SAA, proceeds would all go to preferent creditors leaving nothing for concurrant creditors, he said, giving an argument against it.