Plagued by debt and years of mismanagement, state-owned South African Airways (S...
JOHANNESBURG - Plagued by debt and years of mismanagement, state-owned South African Airways has been placed into business rescue - South Africa’s bankruptcy protection process - in a last-ditch attempt to save the national carrier.
But business rescue is uniquely South African in terms of its time tables, ranking of preference among stakeholders and the involvement of labor.Under a voluntary business rescue, a restructuring expert known as a business rescue practitioner is appointed by the board to take over management of the distressed company. His job is to salvage the business or at least deliver a better return to creditors than a formal liquidation.
That could include restructuring the business, its property and its debts. Company assets might be sold. Or the business rescue practitioner could simply map out an orderly winding down of the company. Any changes to workers’ employment, including layoffs or salary and benefit cuts, must be agreed between the company and employees in accordance with labor laws.
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