Thread by @HeidiGiokos

BREAKING: In a document seen by #eNCA
#SAA business rescue Practitioners table a proposal to terminate the employment of the entire #SAA work force by 30 April.
This is after government denied R10bn additional funding for the airline.

The propos shows how over 4700 workers will get serverancr packages.
One weeks remuneration per completed heat of service
Payment of one months remuneration in lieu of notice pay
Untaken leave
Pro rated 13th cheque were applicable. #SAA will have to dispose of assets.

Part of the proposal shows the following assets will be sold and disposed:
Property
Rotables (aircraft parts)
Trade debts

Very NB in the proposal:
Servance packages is conditional upon the selling of assets reaching the value to cover the packages for the workers.
If the selling doesn’t reach the value needed, packages to workers will be paid over a 6 month period, once the sale of assets is done

The proposal needs to be signed by workers and they have until 24 April to do so.
According to the document #SAA will dispose of its assets in order to pay creditors and importantly severance packages.

Value of assets needs to be considered and the current market conditions under which the assets will be sold.
Given the company is in distress there is a concern that there will be a gap between book value and what the market will be willing to pay. #SAA