The business rescue practitioners (BRPs) appointed to steer the survival plan for SA Express are throwing in the towel
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The business rescue practitioners (BRPs) appointed to steer the survival plan for SA Express are throwing in the towel and will file to liquidate the airline, after failing to secure post-commencement funding (PCF) from the state.
The adversarial relationship between BRPs Phahlani Mkhombo and Daniel Terblanche and the Department of Public Enterprises (DPE) is no secret, as the two race towards either saving the airline or liquidating it.
In a letter sent to employees on March 21, the practitioners explained that they had not been able to secure the necessary funding required to keep the airline in business while they worked on a model for a more sustainable business.
Can’t pay salaries
From Wednesday to Friday last week the practitioners were in meetings with the SA Express creditors committee, the DPE and the SA Express board and made no progress in support from government or any other financial institution.
The adversarial relationship between BRPs Phahlani Mkhombo and Daniel Terblanche and the Department of Public Enterprises (DPE) is no secret, as the two race towards either saving the airline or liquidating it.
In a letter sent to employees on March 21, the practitioners explained that they had not been able to secure the necessary funding required to keep the airline in business while they worked on a model for a more sustainable business.
Can’t pay salaries
From Wednesday to Friday last week the practitioners were in meetings with the SA Express creditors committee, the DPE and the SA Express board and made no progress in support from government or any other financial institution.
