Business rescue is unfortunately getting a bad reputation due to what has transpired at state-run airline South African Airways, says the Turnaround Management Association of Southern Africa (TMA-SA).
The TMA-SA, which represents and promotes the interests of the country's business turnaround industry, fears the industry at large risks getting tarred with the same brush as SAA.
The airline went into business rescue at the start of December 2019 and the process has still not been finalised. A rescue plan for the embattled national carrier could only be accepted at the end of July this year. There is as yet no indication of where the state will source the estimated R10.3 billion in new funding needed to start implementing the plan and restructure the airline.