Adds element, context
Adds element, context
JOHANNESBURG, Feb 13 (Reuters) – South African state airline SA Specific is beneath a type of chapter safety referred to as enterprise rescue, a spokeswoman for the airline mentioned on Thursday.
Her feedback come after SA Specific misplaced a courtroom battle with a contractor, logistics agency Ziegler, earlier this month.
SA Specific, which flies to home and regional locations, is a separate enterprise from a lot bigger state service South African Airways (SAA), which entered enterprise rescue in December.
Beneath enterprise rescue, a restructuring skilled takes over the administration of a distressed firm to attempt to salvage the enterprise or a minimum of ship a greater return to collectors than a proper liquidation.
“The enterprise rescue course of is well-coordinated with no disruptions to clients and staff,” SA Specific mentioned in a press release.
On Feb. 6, a South African courtroom…