South African Airlines Business Rescue
It was recently announced that Les Matuson of Matuson Associates, a BTG Global Advisory member firm in South Africa, has been appointed as Business Recovery Professional, in respect of the South African Government’s proposed rescue of South African Airways (“SAA”).
Mr Matuson has 35 plus years’ experience as a highly respected business advisor, turnaround specialist and senior business rescue practitioner in South Africa managing and maximising recoveries in many large, high-profile corporate matters, including Ellerines.
SAA, issued a statement on Thursday morning that the decision to enter business rescue was the considered and unanimous conclusion" of the board in order to "create a better return for the company’s creditors and shareholders". The department of public enterprises said business rescue was the "optimal mechanism to restore confidence in SAA".
The goal of a business rescue application is to help the company get back on its feet and continue trading and operating with the opportunity to restructure and pay its creditors and save jobs, while it continues to trade as an economically contributing entity.
BTG Global Advisory focus is on preserving and maximising enterprise value for all stakeholders while dealing with a wide range of complex issues.
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