Embattled SAA has been placed under business rescue and the process commences on Thursday.
This is part of the government’s efforts to restore confidence on the airline and to safeguard its goods, while also helping to restructure and reposition the airline.
Under the rescue process, existing lenders will provide the airline R2-billion as post-commencement finance, which will be repaid out of future budget appropriations.
The government will also add R2-billion.
Public Enterprises Minister, Pravin Gordhan has said the money provided by the government is not a bailout but rather financial assistance aimed at facilitating a radical restructuring of the airline.
The Minister alongside Finance Minister, Tito Mboweni are set to meet Trade Union, Solidarity at the South Gauteng High court as it finalises its business rescue application.
In other news – Here is All you need to know about Somizi’s new Champopo
On Sunday the 1st of December Maison Mumm hosted the third and final installment of its #MummBrunch series at the luxury Maslow Hotel, in Sandton. Somizi, who has frequently collaborated with France’s number one champagne brand, unveiled his new limited-edition bottle, in partnership with G.H. Mumm. It has also been revealed that champagne lovers and Somizi fans can get their own bottles personally signed by the entertainer over the festive season.
G.H. Mumm has always taken the bold approach and is well aligned with what Somizi embodies; an audacious and daring personality with a refined taste for victory. Somizi recently made a trip to the home of G.H. continue reading
Source: eNCA
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