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SAA (South African Airways) this week completed the 90-Day Action Plan that commenced on 9 December 2014. The plan, a roadmap to return the carrier to relative stability, was developed to return the business to full implementation of its broader and now refined turnaround plan, the Long-Term Turnaround Strategy.

“We have worked closely with our Shareholding Ministry, National Treasury, to work toward and realise the objectives of the 90-Day Action Plan,” says SAA Acting CEO Nico Bezuidenhout. “SAA has returned to relative stability.” The airline plans to host a media conference mid-April following an audit of the 90-Day Action Plan outcomes.

The 90-Day Action Plan comprised 6 main areas of focus as tasked by the SAA Board:

1.      Immediate address the airline’s liquidity position, on-going solvency and medium-term funding    requirements. Amongst the interventions are:
2.      Immediate investigation of options to future-fund the business:
3.      Substantial focus on Governance defects and remedies:
4.       Legal and High-Level Governance
5.      Reorganisation and Optimisation of Assets
6.      Improved Communication

SAA will announce the detail of the feedback media conference shortly.

SAA connects South Africa to its major trade and tourism partners, in so doing supporting 33,000 jobs in South Africa, and contributing R10bn (US$ 900m), or approximately 0.3%, to the country’s GDP every year.  Approximately 40% of all passengers and more than 50% of all air cargo within and to South Africa last year was carried by the SAA Group or under the SAA code.
No South African airline trains more pilots and technicians, procures more from local suppliers or have taken more steps to protect the environment than SAA.

Issued by SAA