Hein Kaiser
2 minute read
12 Nov 2021
5:48 am

U-turn in Mango’s rescue plan

Hein Kaiser

It is unlikely that a suitor would be found before the bailout cash runs out. Mango is more than R2.5 billion in debt.

Picture: FlyMangoSA/Twitter

Mango will not fly again soon. A statement by shareholder South African Airways (SAA) this week said that it doubts the viability of restarting its budget-baby. Board chair John Lamola reiterated the content of a recent statement where he instructed business rescue practitioner Sipho Sono to amend the business rescue plan and remove any notion of a restart. Public enterprises’ R819 billion bailout funding seems to be a settlement and shut down fund instead. But SAA said something different in a statement dated 26 October, sent from interim chief executive Thomas Kgokolo and interim chief financial officer Fikile Mhlonto. SAA...