South African Airways has exited a bankruptcy process, but questions remain over when it will return to the skies.
Reuters reports SAA has exited a Business Rescue process after around 17 months, with administrators having approved a recovery plan.
The airline has been handed back to its board and executive team and is in the final stages of negotiations with a preferred equity partner, the carrier said.
It told Reuters: “A purchase and sale agreement should be concluded in the next few weeks. This will enable capital and much-needed technical and commercial expertise to be brought in to ensure a competitive flag carrier emerges.”
The reborn SAA is likely to become more of a regional carrier within Africa, as it has already cut around 80% of its workforce and now has only about a dozen aircraft.