The sale of Mango Airlines to an anonymous buyer is on the verge of collapse after making tremendous headway since mid-2021.
Sipho Sono, a Business Rescue Practitioner tasked with overseeing the sale has notified affected parties that Pravin Gordhan, Minister of Public Enterprises, has withheld a decisive vote on the application for approval for the disposal of SAA’s shares in Mango.
‘Given the sudden turn of events, there is now the possibility that the transaction or Investor Process contemplated in section 3 above may have to be abandoned and for the BRP to implement the wind-down process that is already incorporated in the adopted BR Plan,’ says the status report to creditors, dated December 31, 2022.
Sono said: ‘We understand that the Minister wrote to SAA on December 20, 2022, expressing a view that he was not completely satisfied with the responses to the queries that were raised by SAA.’ But it was only following an SAA board meeting on January 10, 2023, that we were provided with a letter from SAA dated January 11, summarising the DPE and National Treasury’s concerns.
‘The BRP is considering the SAA letter to determine whether the issues raised are capable of resolution, and feedback in respect hereof will be provided to affected parties in due course,’ said the update.
Picture: Getaway Gallery
Follow us on social media for more travel news, inspiration, and guides. You can also tag us to be featured.
TikTok | Instagram | Facebook | Twitter
ALSO READ: SAA introduces routes to Windhoek, Gqeberah, and Victoria Falls
