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Mango Airlines to enter business rescue, says SAA interim CEO

‘We are currently in consultation with our key stakeholders in terms how we can manage that particular process.’
Image: Moneyweb

South African Airways (SAA) subsidiary Mango Airlines will enter into a local form of bankruptcy protection known as business rescue, SAA’s interim chief executive Thomas Kgokolo told eNCA television on Monday.

SAA, which itself exited business rescue in April, is one of a handful of South African state companies that depended on government bailouts, placing the national budget under huge strain.

Read:

The DPE and Mango locked in talks over airline’s funding

The ‘Telkom model’ is not the way for SAA

SAA exits administration after 17 months

“What we can say is that the board and shareholders have agreed that Mango will go into business rescue,” Kgokolo said in an interview with eNCA.

“We are currently in consultation with our key stakeholders in terms how we can manage that particular process.”

The government announced in June that it was selling a 51% stake in SAA to the Takatso consortium to give the airline a new lease of life.

SAA had been under a form of bankruptcy protection since December 2019, but its fortunes worsened during the Covid-19 pandemic and all its operations were mothballed in September 2020 when funds ran low.

Listen to Moneyweb editor Ryk van Niekerk’s interview with SAA CEO designate Gidon Novick:

‘We need South Africans to support their national carrier, much as they support their national sporting teams’ – Gidon Novick

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“Another one bites the dust
Another one bites the dust
And another one gone and another one gone
Another one bites the dust
Hey I’m gonna get you too
Another one bites the dust”

ANC theme song….

‘Highway to hell’ will fit better.lol

Another train wreck courtesy of ANC corruption, unashamed incompetance and gross mismanagement.
I guess this outcome was anticipated by employees, who have not been paid in 2 months.
And yet the regime still wants to operate and control another airline, and they want us to fly in it because it is the “patriotic thing to do”. Tsek!

If you think about it…..

Covid is helping the South African Tax Payer….

Covid seems to hurting inefficiency / exposing it big time.

I do hope that SAA / MANGO come to an end. I think the money invested in these entities could be wasted elsewhere but with a little more productivity.

This was coming a long time ago and they still took bookings
and travellers money that I doubt will ever be refunded
The Directors should be held to account for trading whilst insolvent

IF it’s refunded it will literally take years – the booked passengers now join the long line of creditors! What a disgrace that they knew there wouldn’t be money for immediate refunds yet carried on taking bookings.
And as for the idiot people who booked…..!

How about Mango and Pravin announcing this in ALL the media so the public is properly informed not to waste their money and time! Then at least Flysafair and Comair – both with impeccable credentials and service and safety records – can start breaking even in the Covid lockdown era.

Air Banana for a Banana Republic … fully transformed

They just needed to milk the very last drop. Close up and stuff em all.

End of comments.

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