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[TÍTULO ATUALIZADO] A saga da reestruturação da South African

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By John Bowker and Loni Prinsloo
18 de abril de 2020 06:04 BRT Updated on 18 de abril de 2020 14:49 BRT

South African Airways plans to lay off its entire workforce after failing to persuade the government to provide more financial aid, a move that threatens to ground the 86-year-old carrier for good.

The state-owned airline has offered severance deals to all 4,700 staff from the end of this month after administrators concluded that a successful turnaround is now unlikely, according to a proposal to eight labor groups seen by Bloomberg News. The basic value of compensation will be one-month pay for each year of service and will depend on the successful disposal of assets such as real estate, according to the document.

No agreements have been concluded, the Department of Public Enterprises said in a statement. “There are discussions with the unions to the current South African Airways business model, success of the business rescue process, and the best possible outcome for the airlines employees,” said the statement.

SAA has relied on bailouts and state-guaranteed debt agreements for years, having last made a profit in 2011, and was put into a form of bankruptcy protection in December. Public Enterprises Minister Pravin Gordhan said earlier this week that the cost of staving off the Covid-19 pandemic meant no more cash could be extended, while Finance Minister Tito Mboweni said the carrier’s closure could help shore up state finances.

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The coronavirus may prove the final nail in the coffin for SAA, which was reducing routes and considering job cuts even before the outbreak forced airlines around the world to ground airplanes. The industry could lose $314 billion in ticket sales this year, according to the International Air Transport Association, as lockdowns and travel bans take an increasingly heavy toll on the global economy.

SAA has been flying cargo planes and chartered flights to countries such as Germany and Brazil in recent weeks, but no commercial passenger services. The plan to offer severance packages to all staff was first reported by the News24 website.

Asset Sales

The team of administrators led by Les Matuson and Sizwe Dongwana will now look to sell assets and raise cash to repay creditors. Two prized nighttime operating slots at London’s Heathrow Airport could be up for grabs, people familiar with the situation said in February.

SAA is among several state-owned companies to have become technically insolvent without financial assistance from the South African government, following years of mismanagement and corruption scandals -- particularly under the presidency of Jacob Zuma, which ended in 2018.

The airline has had at least nine chief executive officers in the past decade, hampering attempts at a turnaround, while responsibility for the carrier was passed from the Department of Public Enterprises to the National Treasury and back again.

(Updates with comments from the government in the third paragraph)

https://www.bloomberg.com/news/articles/2020-04-18/south-african-airways-nears-collapse-with-plan-to-fire-workforce

 

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South Africa aiming for new viable airline from SAA business rescue
 

JOHANNESBURG, April 21 (Reuters) - The South African government will work with trade unions to ensure that a new financially viable and competitive airline emerges from South African Airways (SAA) business rescue process, the public enterprises ministry said on Tuesday.

In a virtual meeting with unions, the inter-ministerial committee on SAA reiterated that the government was not in a position to provide more capital to the state-owned airline, the ministry said in a statement.

SAA entered a form of bankruptcy protection in December, since then it has had to suspend all commercial passenger flights due to the global coronavirus pandemic. (Reporting by Nqobile Dludla Editing by Alexander Winning)

https://www.reuters.com/article/safrica-saa/south-africa-aiming-for-new-viable-airline-from-saa-business-rescue-idUSL5N2C9329

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27-Apr-2020 2:23 AM
SAA defers potential liquidation, delays severance package offer for all staff


South Africa's Department of Public Enterprises announced (25-Apr-2020) an agreement with South African Airways' (SAA) business rescue practitioners (BRP) that the BRPs would not consider an application for the liquidation of SAA. The parties also agreed to postpone the offer of severance packages to all SAA employees until 01-May-2020.

https://centreforaviation.com/news/saa-defers-potential-liquidation-delays-severance-package-offer-for-all-staff-993907

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South African Express goes into provisional liquidation

28.04.2020 - 15:44 UTC

 

South African Express (XZ, Johannesburg O.R. Tambo) has been placed into provisional liquidation after a Gauteng High Court, on Tuesday, April 28, approved an application submitted by the bankrupt carrier's business rescue practitioners (BRP).

BRPs Phahlani Mkhombo and Daniel Terblanche said in the application that, in the absence of any meaningful revenue inflows as well as its sole shareholder the South African government's unwillingness to inject ZAR200 million rand (USD10.51 million) in promised post-commencement funding (PCF), SA Express stood no reasonable chance of exiting business rescue as a viable entity.

Despite earlier threats to interfere in the process, the Department of Public Enterprises (DPE), which oversees SA Express on behalf of the state, did not oppose the provisional liquidation application.

According to the Daily Maverick, Judge Mpostoli Twala said Mkhombo and Terblanche had satisfied the merits of having SA Express placed under provisional liquidation. However, before a final liquidation order can be imposed, all affected parties must put forward their reasons or show good cause as to why the company should not be wound down.

A hearing is set to be heard in June.

By High Court order, SA Express was placed under involuntary business rescue in February after a court application by the airline’s former service provider and creditor, Ziegler SA.

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Ponte aérea de devolução dos 332, GRU-Tucson/Marana, amanhã.

H SA4701 SA4701 16MAY16MAY 0000060 000332 JNBJNB1610 00552TUSMZJ PP
H SA4703 SA4703 16MAY16MAY 0000060 000332 JNBJNB1410 22551TUSMZJ PP
H SA4705 SA4705 16MAY16MAY 0000060 000332 JNBJNB1510 23551TUSMZJ PP
H SA4707 SA4707 16MAY16MAY 0000060 000332 JNBJNB1710 01552TUSMZJ PP

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SAA and SA Express allocated more state funding

22.05.2020 - 12:57 UTC

 

The South African government has allocated ZAR3.8 billion rand (USD212 million) for ailing national carrier South African Airways (SA, Johannesburg O.R. Tambo) (SAA) as well as ZAR164 million (USD9 million) for state-owned South African Express (XZ, Johannesburg O.R. Tambo).

This is according to Kgathatso Tlhakudi, Deputy Director General of the Department of Public Enterprises, who made the announcement during a presentation to the parliamentary portfolio on public enterprises on May 20, reports Times Live.

More money has been set aside for SAA over the next five year medium term, amounting to a total of ZAR9.9 billion (USD542 million), including ZAR4.3 billion in 2021/22 and ZAR1.77 billion for 2022/23.

Finding extra money for ailing state-owned entities has been a challenge as the fiscus is under strain from unplanned spending due to the coronavirus pandemic. The government in April said it will not provide any more funding for SAA, according to business rescue practitioner documents, but continues to bail the airline out and intervene in turnaround strategies and business rescue plans.

SAA has not turned a profit in a decade and received government bailouts worth nearly ZAR20 billion (USD1.1 billion) in the last three years alone. The group’s accounts, as presented to parliament, revealed a pre-tax loss of ZAR5.09 billion (USD274 million) for the year ending 31 March 2019, on revenues of ZAR27 billion (USD1.48 billion).

The carrier had been attempting a path to recovery before the coronavirus pandemic hit, switching its A340 fleet (six A340-200s and four A340-600s) with more economical A350-900s, cutting some loss-making routes from February and starting retrenchments in March. However, these efforts came too late and the coronavirus pandemic has dealt the airline a hard blow, with all scheduled passenger flights halted from the end of March and aircraft being returned to lessors - most recently four A330-200s.

SAA entered business rescue in December 2019. On May 15, the government asked for a business rescue plan to be delivered within 25 days. The business rescue practitioners (Les Matuson and Siviwe Dongwana) have been criticised by chairperson of the National Assembly’s standing committee on public accounts Mkhuleko Hlengwa and Public Enterprises Minister Pravin Gordhan for taking ZAR30 million in fees without producing a plan to save the airline, which is unable to pay the May salaries of its 4,700 staff, according to the business rescue practitioners.

The business rescue practitioners have delayed coming up with a business rescue plan on several occasions over the last five months. Instead, SAA continues to bleed money. The standing committee on public accounts heard that by the end of April, SAA had spent over ZAR9.98 billion (USD550 million), on fuel, salaries, aircraft leases, services from regional carrier Airlink (South Africa) (4Z, Johannesburg O.R. Tambo) and SAA Technical. The business rescue practitioners have said that restructuring the airline could cost an estimated ZAR7.7 billion (USD420 million). Gordhan has previously suggested the possibility of starting a new flag carrier, while liquidating SAA has been proposed as another option.

SA Express, meanwhile, is under provisional liquidation and the allocation of ZAR164 million is mainly to cover liabilities from the early return of leased aircraft, Flight Global reports.

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Leaked Document States South African Airways Bailout Agreed

LONDON – In a dramatic twist of events, a leaked email from South Africa’s opposition party has stated that a new bailout has been agreed upon by the state for the country’s struggling airline that was placed into administration in December 2019.

The announcement today follows a dramatic U-turn in the future of the airline following months of the South African government refusing to bail the carrier out, which at the time seemed like it would not last the coming months.

The airline has failed to make a profit since 2011 and has relied on the government bailout funds to keep it going over the last nine years. What followed over that time was a dramatic and fast-planned restructuring that unfortunately did not have the desired effect to save the carrier from liquidation.

Part of the restructuring plan that the company went through was the retirement plans for its ageing A340 fleet and the leasing of the news Airbus flagship aircraft the A350XWB; part of the changes brought into the carrier also saw it cut ties with the unions that represent its staff.

The airline announced back in April that it was setting up to lay off 4,700 workers as part of cost-cutting measures in a final attempt to save the airline.

While there has been no official confirmation made about the details of the leaked email, it states that the government would be happy to provide funds for a bailout of the airline following the laid out plans of restructuring that have been presented to the carrier in a draft document.

The document has listed a complete breakdown of the new SA that will see the airline moved to be controled by a holding company called “New HoldCo” that the document states will also oversee the running of SAA City Centre, SAA Technical, air Chefs and Mango Airlines (JE).

It is believed that the South African government has “agreed to” provide the funding for the following steps towards recovering the airline: 

 

ITEM COST ‘billion
Working capital injection to restart the airline post Covid-19 2
Retrenchment of Employees 2
Payment of Lenders 16, 4
Payment of the General Concurrent Creditors 0,6
Total 21 rands

 

Should this draft plan go ahead, it would be of the largest government-funded airline restructures ever to be undertaken; however, with no official announcements made from the government at this time, the leaked document and information is nothing more than speculation.

The document goes on to state that the new company would go on to make a loss of R19.9b over the next three years but it did show that there would be a steady decline in the amount of loss the company makes each year, with the plan to have the company just under half its yearly loss by year three.

A break down on the year by year loss forecasts:

Year 1 – R8,1 billion loss
Year 2 – R7,5 billion loss
Year 3 – R4,3 billion loss
Without a formal confirmation, it will be hard for the future of SA, but what is clear is that this draft document is not going to be a guarantee that the airline will survive. 

It goes on to say that there can be no forecast for accurate cash injections in a post-COVID-19 world with carriers around the globe struggling to survive and making cuts in staff and fleet size where they can.

As the viability of the proposed plan is uncertain until an official announcement and confirmation are made, the question will always be, is it too late for the stolen airline that has not made a profit since 2011? 

Or is a post-COVID-19 world the perfect place for a struggling airline to once again find its footing on the global market?

https://airwaysmag.com/airlines/leaked-document-states-south-african-airways-bailout-agreed/

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South African Airways seeks to return 19 leased aircraft

02.06.2020 - 17:08 UTC

 

South African Airways (SA, Johannesburg O.R. Tambo) is planning to return 19 out of its 40 dry-leased aircraft and is renegotiating the terms of the leases on some of the units it wants to retain, a leaked draft business rescue plan shows.

According to the plan, the airline has suspended the leases and is in process of negotiating the terms of the return of the following aircraft:

South African Airways has already agreed on the return of the following aircraft:

In addition, the leases on two B737-300(F)s from GECAS expired and the aircraft were returned. As such, South African Airways no longer operates any in-house freighter aircraft.

The bankrupt state-owned carrier has also negotiated a reduction in lease rates for its remaining dry-leased aircraft and said that the "amendment and finalisation of lease agreements [is] suspended, [pending] clarity on future of SAA". These aircraft are:

South African Airways' business rescue practitioners said that the retention of the carrier's newest aircraft, four A350-900s (two leased from Air Mauritius and two from Avolon via a sublease from Hainan Airlines) will be "dependant on the future route network of the airline".

SAA owns a further five A340-300s and four -600s all of which are up for sale.

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Nossa que loucura, nesse caos, sem passageiros pela pandemia e falidos há anos,agora querem retornar as aeronaves que entregaram ?

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Court stays SA Express liquidation until late 3Q20

 
11.06.2020 - 22:45 UTC

 

South Africa’s High Court in Pretoria has delayed the liquidation proceedings of South African Express (XZ, Johannesburg O.R. Tambo) until September 9, giving the government time to come up with solutions to save the embattled airline.

On June 9, the court ruled that that the state-owned carrier’s liquidation be postponed after the South African Cabin Crew Association (SACCA), and the National Union of Metalworkers of South Africa (NUMSA) asked for a postponement, the unions said.

In papers filed in the High Court, and seen by Reuters, lawyers for the airline’s administrators said the delay in liquidation was necessary as the government may fund the airline’s reboot, citing an earlier allocation from the Department of Public Enterprises of ZAR164 million rand (USD10 million).

The lawyers said that postponing liquidation would allow “national executives to roll out proper plans,” and stop SA Express from losing its Air Operator’s Certificate, and Air Services Licence, which could help creditors to recover some money, according to Reuters.

NUMSA and SACCA said they remain “vehemently opposed” to the liquidation of the airline. “We believe that SA Express is a viable airline that can be saved, and every effort must be made to find alternatives. The judge granted the order on the basis that we approached the BRPs [business rescue practitioners] and the Department of Public Enterprises (DPE) to engage and explore the possibility of an investor purchasing a stake in the airline,” they said in a statement on June 9.

“NUMSA and SACCA have secured a possible investor from the UAE [United Arab Emirates] who has expressed an interest in the airline. This extension will allow the investor to meet with the DPE, and hopefully come together on an agreement about the future of the airline. We remain committed to saving both South African Airways (SA, Johannesburg O.R. Tambo), and SA Express, and we will continue to do everything possible to save these airlines, and to save jobs.”

The unions did not say who the potential Emirati investor is. They added that SA Express employees have not been paid since the end of February, and have been protesting out of frustration, including a protest outside the Union Buildings on June 5. If SA Express closes, nearly 700 employees would lose their jobs.

SA Express entered bankruptcy protection in February and suspended operations in March due to the coronavirus pandemic. It was placed under provisional liquidation in April after its administrators said they could not secure funding for turnaround efforts. The liquidation postponement will give them more time to study the carrier’s affairs.

SA Express’s provisional liquidator, Aviwe Ndyamara of the Tshwane Trust Company, was due to appear before Parliament's Standing Committee on Public Accounts on June 9, but was not available for a scheduled meeting to update the committee, News24 reported.

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Caso SAA beira o surreal.

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SAA outlines funding, network, fleet in $600mn rescue plan

17.06.2020 - 11:53 UTC

 

The Business Rescue Practitioners (BRP)s at state-owned South African Airways (SA, Johannesburg O.R. Tambo) published a long-awaited business rescue plan for the ailing carrier late on June 16, under which the government would have to raise at least ZAR10.3 billion rand (USD599 million) for it to work.

The government, which wants to retain SAA as a national asset, said it would assess the plan. The BRPs, who took the carrier over in December when it entered a local form of bankruptcy protection, said they need a commitment on funding by July 15.

The restructuring envisages a working capital injection of around ZAR2.8 billion (USD163 million), ZAR3 billion (USD175 million) to compensate for unused fares, ZAR2.2 billion (USD128 million) to fund layoffs, ZAR1.7 billion (USD99 million) to cover leasing payments, and ZAR600 million (USD35 million) for concurrent creditors.

Most of these payments would be made over a period of three years, according to the plan. Post-commencement finance (PCF) creditors would be paid first, from the working capital injection.

One of the annexes to the 106-page business rescue plan lists over 1,000 creditors, most of whose claims have not yet been verified.

The government said via a statement issued by the Public Enterprises Ministry on June 17 that it supported the rescue process and “has made it clear that the desired outcome should be to establish a viable, sustainable national carrier that must emerge from the business rescue process.” Creditors will also have to vote on the proposed plan, which requires 75% approval of the voting interest present.

The recommended funding is on top of ZAR16.4 billion (USD955 million) the government has already earmarked to repay SAA’s guaranteed debts, as well as the cost of supporting the airline until it becomes profitable, Reuters reported.

A projected balance sheet for the next three years listed in another of the plan's seven annexes shows SAA making losses of more than ZAR6 billion (USD349 million) during the period.

Fleet and staff numbers would initially be cut back to just six aircraft, all of them narrowbodies, between July 2020 and February 2021, and 1,000 employees, compared with 44 aircraft and around 5,000 employees before it entered the administration process.

This would rise to 19 narrowbody aircraft for the following nine months, then bring in seven A350-900 widebodies from December 2021 to make a total fleet of 26. By then, staff numbers would rise to 2,900.

According to the ch-aviation fleets advanced module, SAA operates 36 aircraft, 29 of which are leased, including six A319-100s, ten A320-200s, one A330-200, five A330-300s, six A340-300s, four A340-600s, and four A350-900s. On June 12, however, the business rescue practitioners said that all of the A340s and three of the A319s had been returned to lessors.

Despite the cutbacks, almost all of South African Airways' domestic and African destinations would remain intact, along with five of its nine intercontinental destinations. East London, Abidjan, Guangzhou, Hong Kong Int'l, Munich, and Sao Paulo Congonhas would be cancelled.

"It still shows them barely breaking even in the medium term, even with a substantially reduced headcount and further bailouts, and it is not clear at this stage if there is any commitment from National Treasury on funding this, which could leave it dead in the water. We'll have to watch next week's emergency budget closely," economist Peter Attard Montalto told Fin24 news, referring to a supplementary budget dealing with the impact of the Covid-19 pandemic, pencilled in for presentation on June 24.

BRPs Les Matuson and Siviwe Dongwana and their advisors have been trying to find strategic equity partners for the flag carrier, without success. They had been due to publish their rescue plan at the end of February but were given repeated extensions.

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5 minutes ago, FCRO said:

 

Despite the cutbacks, almost all of South African Airways' domestic and African destinations would remain intact, along with five of its nine intercontinental destinations. East London, Abidjan, Guangzhou, Hong Kong Int'l, Munich, and Sao Paulo Congonhas would be cancelled.

 

Que pena que CGH vai perder seu único voo internacional...

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By David Kaminski-Morrow

19 June 2020

 

South African Airways’ resurrection plan would involve an initial restart period of eight months, running to January 2021.

Over this period the fleet would be gradually built up to around 26 aircraft, comprising seven long-haul jets – about half of which would be in place at the end of this year – plus nine narrowbodies, and 10 smaller aircraft.

SAA would have 40% fewer aircraft than it had before entering business rescue last December, when the fleet heavily favoured long-haul types.

Reshaping the fleet over the period to January 2021 would enable operations to be revived in accordance with the lifting of lockdown measures, initially covering domestic and regional services before the re-introduction of intercontinental flights.

The proposed route network, set out in the business rescue plan, comprises long-haul services to New York, Washington, London, Frankfurt, and Perth, plus some 20 major cities primarily in Africa, and three domestic links.

 

For the first three months, the plan says, the revived airline would require about 1,000 personnel.

“It is anticipated that the final staff number will increase in accordance with the market conditions and passenger demand,” it adds.

During the ramp-up phase, the expanding business will need just under 2,900 employees.

“As the operations of SAA stabilise, and eventually increase, it is anticipated that more staff will be required,” says the plan.

“On a commercially viable and sustainable basis the company will employ more staff, with a preference being given to former SAA employees subject to competence, skills and suitability.”

SAA previously employed just over 4,700 personnel including 617 pilots and more than 1,500 cabin crew.

The plan expects a voluntary severance agreement to be concluded through employee consultations, with 1,000 jobs being retained – under new terms and conditions – for the initial start-up.

Given the number of employees likely to be retrenched, the severance package will cost about R2.2 billion ($127 million). This will form part of the overall R26.7 billion costs for restarting SAA.

 

https://www.flightglobal.com/airlines/saa-rescue-plan-sets-out-initial-fleet-and-personnel-requirements/138921.article

 

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Poderiam formar uma aliança com AR e AZ: Highlander.

Eles não especificam as aeronaves, penso que vão usar os A350, A32F e 10 smaller aircraft penso que possa vir da SA Express.

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South Africa’s Airlink bids to have SAA liquidated
By David Kaminski-Morrow

22 June 2020

South African carrier Airlink is attempting to disrupt plans to convene a creditors’ meeting to discuss whether to approve the rescue plan for South African Airways, and is seeking to have the airline liquidated.

The government’s department of public enterprises says Airlink has filed a court motion “aimed at interdicting” the meeting – scheduled for 25 June – and that it believes two unions are seeking to do the same.

It states that Airlink wants SAA put into provisional liquidation, arguing that there is no reasonable prospect of rescuing the flag-carrier.

Airlink has previously clashed with SAA during the business rescue process

While the department of public enterprises says it is not a formal respondent to Airlink’s application, it will step in to oppose it, and will similarly oppose any parallel bid by the unions NUMSA and SACCA.

“As we approach the final week to either endorse or reject the business rescue plan by the [SAA rescue practitioners], it is disturbing that a competitor of SAA [and two unions] are seeking to destroy SAA by forcing a liquidation through the courts,” it states.

“Is this really in the interest of SAA workers or the fiscus?”

The department of public enterprises has been backing a restructuring of SAA, and has gained support from unions for its position, which has appeared to conflict with the efforts of the rescue practitioners.

But it says the government “supports” the rescue plan “where it results in a viable, sustainable, competitive airline”.

Airlink, which had served as a feeder to SAA, has previously clashed with SAA during the business rescue process.

It went to court in January seeking to have flown and unflown revenues declared as not being an SAA debt, and instead paid immediately – a move which was initially dismissed but referred to appeal.

Airlink subsequently terminated, in late March, a licence agreement with SAA, under which the feeder services were conducted with SAA’s designator code.

SAA also had a similar feed agreement with regional carrier SA Express, which has been placed into provisional liquidation, although a final decision has been postponed until September while investor interest is explored.

https://www.flightglobal.com/airlines/south-africas-airlink-bids-to-have-saa-liquidated/138936.article

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er... vão usar o modelo "Crossair assumiu a Swissair pra virar Swiss" ? É isso mesmo ?

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