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Creditor meeting will be summoned on Friday following funding issue

ENTERTAINMENT GIST

Creditor meeting will be summoned on Friday following funding issue

The creditor assembly will probably be summoned to debate concerning the funding challenge and the proposed way forward for the money strapped state-owned entity

Real Nobs 562 - Creditor meeting will be summoned on Friday following funding issue

Directors at South African Airways (SAA) have summoned for a creditor assembly on Friday for the reason that funding for restructuring of the airline has not been gotten as anticipated.

The creditor assembly will probably be summoned to debate concerning the funding challenge and the proposed way forward for the money strapped state-owned entity.

In December, the directors took over the struggling airline after it suffered monetary losses for over a decade and posted a rescue plan in June following fixed delays and wrangling over its future.

That plan, which anticipates chopping jobs and scaling again SAA’s fleet, wants nothing lower than R10 billion in new funds to work out.

The federal government has additionally been dedicated in mobilising the fund however has not revealed the place it is going to emanate from.

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