JOHANNESBURG, Dec 8 (Reuters) - South African Airways (SAA) has been put in "enterprise rescue" to
JOHANNESBURG, Dec 8 (Reuters) – South African Airways (SAA) has been put in “enterprise rescue” to attempt to save 1000’s of jobs, minister of state enterprises Pravin Gordhan stated within the Sunday Occasions newspaper, in response to criticisms of the transfer.
President Cyril Ramaphosa on Wednesday ordered SAA to hunt a enterprise rescue simply because the airline was near collapse. Enterprise rescue is a type of chapter safety the place a specialist adviser takes management of an organization to restructure it.
On Sunday, Minister of Public Enterprises Gordhan wrote in an opinion piece within the Sunday Occasions that the choice to rescue the airline, quite than let it fail as some analysts have argued, would save most of the 10,000 jobs at SAA.
“We weren’t ready to let the airline fail in an uncontrolled style, leading to 1000’s shedding their jobs, and inflicting social, financial and monetary injury in its wake,” Gordhan stated.
Economists have questioned the affordability of the four billion rand ($272…