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بهترین سایت شرط بندی ایرانی
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Global Statistics

All countries
695,781,740
Confirmed
Updated on September 26, 2023 9:04 pm
All countries
627,110,498
Recovered
Updated on September 26, 2023 9:04 pm
All countries
6,919,573
Deaths
Updated on September 26, 2023 9:04 pm

Global Statistics

All countries
695,781,740
Confirmed
Updated on September 26, 2023 9:04 pm
All countries
627,110,498
Recovered
Updated on September 26, 2023 9:04 pm
All countries
6,919,573
Deaths
Updated on September 26, 2023 9:04 pm

Where will SAA funding be mobilised? | Fin24

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Local airlines say the current lockdown restricts air travel. Although restrictions were eased last month, fewer people are flying. Picture: Alon Skuy / Gallo Images

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  • The main
    question that remains to be answered is where the funding to implement
    SAA’s rescue plan will come from.
  • Finance Minister
    Tito Mboweni does not exclude the possibility of approaching
    “institutions” to invest pension funds for this purpose.
  • That begs the
    question whether the Development Bank of SA, PIC or IDC might end up
    footing the funding bill.

  • A crucial
    deadline for all the conditions stipulated in the business rescue plan for
    South African Airways (SAA) to have been met has come and gone, creating an
    open question about the way forward for the state-owned airline.

    The most
    important question to be answered is who will fund the rescue plan?

    A letter
    signed by Public Enterprises Minister Pravin Gordhan and Finance Minister Tito
    Mboweni only indicated government support to “mobilise” funding to
    implement the plan.

    About
    R10.3 billion in additional funding would be needed, of which the most crucial
    to start off with would be about R800 million for post-commencement creditors,
    about R2.2 billion for voluntary severance and retrenchment packages as well as
    about R2 billion for working capital.

    If the
    conditions are not all met by midnight on 22 July, the practitioners indicated they
    would have to call a creditors’ meeting on Friday to ascertain the way forward.
    If the practitioners find the plan is still “unimplementable” by
    then, they may have no other option but to liquidate the 86-year-old airline.

    SAA went
    into business rescue in December 2019 following years of losses and repeated
    state bailouts to the tune of about R30 billion over the past 10 years.

    Although National
    Treasury indicated on Wednesday afternoon it would not comment at this stage on
    where the funding would come from, Mboweni indicated in a recent sworn
    statement he had not authorised the use of funds from the National Revenue Fund
    for emergency funding to implement the business rescue plan.

    He did
    not however, exclude the possibility of approaching “institutions” to
    invest pension funds for this purpose.

    Mboweni
    said there were a number of options which the government might explore to
    “mobilise” funding and that included approaching private equity
    partners or strategic partners to acquire shareholding in the new airline or
    approaching local and international investment institutions.

    Pot of
    gold?

    Airline
    experts polled by Fin24 were mostly of the opinion, given the devastating
    impact of the coronavirus pandemic on the airline industry, it was highly
    unlikely any private investor would be interested in putting money into a
    “new SAA”. They said nothing much would change in the unsustainable
    structure of the company.

    This begs
    the question of whether the money could come from state institutions such as
    the Development Bank of Southern Africa, which already provided R3.5 billion in
    emergency funding for SAA after it went into business rescue.

    The bank,
    which invests in developmental infrastructure, would not comment on whether it
    had been approached to fund the rescue project.

    The
    Industrial Development Corporation (IDC), the state-owned national development
    finance institution, said its decisions were based on merit. It takes “…
    into consideration the viability of all business proposals submitted to the
    corporation. Such a request would be subject to a similar IDC process”,
    the corporation said in an emailed response to Fin24.

    The
    state-owned Public Investment Corporation (PIC), with more than R2 trillion
    worth of assets under management, has not been approached regarding funding the
    “new” SAA.

    “Should
    the PIC be approached with an investment proposal, such a proposal will be
    evaluated in terms of the clients’ investment mandates and subjected to internal
    investment processes,” said Deon Botha, its head of corporate affairs.

    Legal
    point of view

    The managing
    director and business rescue practitioner at Turnaround Rescue Solutions, Gideon
    Slabbert, said if one applied the legal business rescue criteria to SAA, one
    should answer the fundamental questions of reasonable prospect and a
    better-return-than-in-liquidation.If one applied the business rescue criteria in terms of the Companies Act to
    SAA, it was apparent there was no reasonable prospect in rescuing the business,
    he added.

    “If
    the state applies a fair process in accordance with the law then this business
    should be liquidated. The financial impact of the additional financing of the
    business rescue plan will far exceed the current amount stated in the rescue
    plan and it will burden the country and the tax system and should, therefore,
    not be allowed to continue,” he cautioned.

    Read More

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