I can say with full confidence that what is unfolding at SAA as announced on Thursday is an irreversible death knell for SAA. The BRP is now coverting to a burial undertaking.
There's no clear strategy and objective. And the shareholder is
There's no clear strategy and objective. And the shareholder is
confused and pursuing irrational policy options. Somebody should intervene at the highest level.
Unfortunately, Alvarez & Marsal know very little about airlines. The lead partner on the engagement, Paul Gilbert, has never led an airline restructuring project before. I mean never ever.
Given the fa t that the SAA BRP was a voluntary rescue, what informed the board's decision to choose Les Matuson? And what informed Les Matuson's decision to choose Alvarez. Are SAns not curious to know the monthly cost of Alvarez??
Here is a deeper question: Was it Les who chose Alvarez or was it DPE? In the light of the aforementioned, the answer to this question is extremely significant. Someone has to take responsibility.
