JOHANNESBURG – SA Express has become South Africa’s second state-owned airline to be put under business rescue, following a court ruling handed down today.
Judge Fiona Dippenaar of the Johannesburg High Court stipulated that the airline must go into business rescue, with Daniel Terblanche and Phalani Mkhombo as the business rescue practitioners. In December, Les Matuson was appointed to lead the business rescue of South African Airways.
Global logistics company Ziegler SA had applied for the order against SA Express – or its liquidation – because the airline was unable to pay its debts, including R11.3 million to Ziegler, according to news reports. SA Express, despite efforts to turn it around, was reported to have suffered a loss of R591 million in the 2018/19 financial year.
SA Express was started in 1994.