SAA completes 90-Day Action Plan
The airline completed the plan as scheduled on 24 March.
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 (LTTS).
"We have worked closely with our shareholding ministry - National Treasury - to work toward and realise the objectives of the 90-Day Action Plan," said SAA Acting CEO Nico Bezuidenhout on Friday, 27 March 2015.
Bezuidenhout said that the airline has returned to relative stability.
The 90-Day Action Plan comprised six main areas of focus, as tasked by the SAA Board, including: immediately addressing the airline's liquidity position, on-going solvency and medium-term funding requirements; investigating options for future funding of the business; focusing on governance defects and remedies; legal and high-level governance; reorganising and optimising assets; and improving communication.
The airline plans to host a media conference in mid-April following an audit of the 90-Day Action Plan outcomes.
SAA connects South Africa to its major trade and tourism partners. It supports 33 000 jobs in South Africa and contributes R10 billion, or approximately 0.3%, to the country's GDP every year.