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Crowdsourcing bid selected to try and save SA Express from liquidation

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Fly SAX has indicated that it does not require any of the movable assets of the airline - which would include aircraft.
Fly SAX has indicated that it does not require any of the movable assets of the airline - which would include aircraft.
Gallo Images/Grant Duncan-Smith

An equity crowdsourcing proposal by a group called Fly SAX, backed by some employees, has been selected as the preferred bid to save regional airline SA Express (SAX) from liquidation. 

This comes after the airline's provisional liquidators concluded their process of due diligence on the 17 expressions of interest in the group.

SA Express was placed under provisional liquidation at the end of April this year after its business rescue process failed. But the provisional liquidators then agreed to postpone a final liquidation hearing to do proper due diligence on all the bids received.

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