According to the information received from SAA
a) In December 2019, SAA was placed under business rescue due to poor financial performance. SAA exited business rescue on 30 April 2021 having substantially implemented the business rescue plan and passed both the liquidity and solvency tests. SAA received from Government R10.5 billion out of R14 billion required to implement the business rescue plan in 2020/21 financial year. A further R1 billion was received in 2022/23 financial year.
The airline has managed to settle some of the business rescue obligations from its own resources and an amount of R1.566 billion now remains to complete paying the business rescue obligations.
b) To date, the airline has paid R2.5 billion of the R3.6 billion of unflown Ticket Liability (UTL) that was outstanding when SAA ceased operations during business rescue process. The airline continues to settle UTL monthly as requests for refund are submitted by passengers. The balance of the UTL not settled from the monthly refunds will be paid when the funds from Government of the outstanding R1.566 billion mentioned above is allocated.
Remarks: Reply: Approved / Not Approved
Jacky Molisane P J Gordhan, MP
Acting Director-General Minister of Public Enterprises
Date: Date: