May 15, 2020 / 4:09 PM / 18 days ago

South African Airways administrators prefer structured wind-down to liquidating struggling airline

CAPE TOWN, May 15 (Reuters) - Administrators at state-owned South African Airways (SAA) told lawmakers on Friday that the best way forward for the troubled airline is not to liquidate it but to run a structured wind-down of the business, in absence of additional funding.

“There is no question of doubt in my mind that a liquidation process would materially erode value and the net recovery for creditors could be an absolute disaster,” said Les Matuson, joint business rescue practitioner at SAA, when answering questions from lawmakers.

“We would not recommend a liquidation in a hurry to anybody.” (Reporting by Wendell Roelf Writing by Nqobile Dludla eEditing by Louise Heavens)

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