South African Airways (SAA) said an amended business rescue (BR) plan for its low-cost subsidiary Mango was approved at a meeting of creditors on Thursday, paving the way for the airline to seek an equity partner.
"According to the BR practitioners the process to secure a successful bidder, inclusive of concluding the relevant acquisition agreements, is anticipated to be completed by the end of March 2022," SAA said in a statement.
Business rescue is a form of bankruptcy protection in South Africa.
Creditors approve new business rescue plan for S.Africa's Mango Airline
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