South Africa-Airline-Liquidation

Temporary liquidation reprieve for troubled South African Express

APA-Johannesburg (South Africa)

Cash-strapped South African Express has been granted a lifeline from liquidation for the next three months, APA learnt on Tuesday.

The High Court in Pretoria said it had granted the extension to the state-owned airline to allow its liquidators more time to probe how the company reached its current poor financial situation.

A Business Rescue Practitioners legal team, assigned to get the airline back in the air, said “there is a significant prospect of in-flow of money or a cash injection for the airline to be saved” from liquidation.

The team, however, did not disclose the basis of its optimism for the airline’s rescue.

South African Express went into provisional liquidation on 29 April and the court has since given time to stakeholders who want to oppose the final liquidation order to do so through the courts.

The airline was given the green light to start flying local trips this week following the easing of the restrictions on Monday.

NM/jn/APA

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