South African Airways exits administration after 17 months
- 3 years ago
South Africa's struggling national airline South African Airways (SAA) on Friday exited a local form of bankruptcy protection called business rescue after roughly 17 months.
SAA was placed under administration in December 2019, and its long-standing financial woes worsened during the COVID-19 pandemic. All operations were mothballed in September 2020.
Its administrators said in a statement that they had filed a notice of "substantial implementation" of a business rescue plan with South Africa's Companies and Intellectual Property Commission.
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