December 20, 2019 / 12:35 PM / a month ago

South African Airways has a reasonable chance of rescue - practitioner

JOHANNESBURG, Dec 20 (Reuters) - There is a reasonable chance that South African Airways (SAA) can be saved, according to a turnaround specialist who was appointed to try and pull the state-run carrier back from the brink of collapse.

Les Matuson, the business rescue practitioner charged with assessing whether there was any chance of rescuing the troubled state-run carrier and its 10,000 related jobs, and his team argued that rescuing SAA would be a better outcome for all stakeholders than a liquidation.

In event of liquidation of SAA, proceeds would all go to preferent creditors leaving nothing for concurrant creditors, he said, giving an argument against it. (Reporting by Emma Rumney Editing by Tim Cocks)

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