SA Express owes creditors a staggering R2.7 billion – and the figure keeps growing every day, the troubled airline’s business rescue practitioner, Daniel Terblanche, has revealed.
Addressing an emotionally charged creditors’ meeting at the Killarney Country Club in Johannesburg yesterday, Terblanche said the figure was not final as his office was receiving more claims from creditors every day.
“The total claims amount to R2.7 billion, the company’s assets stand at about R1.9 billion, while the net liability is sitting at R747 million. But the figures change every day,” he said.
The airline’s creditors include Nordic Aviation Capital, Rand Merchant Bank, Flyfofa Airways, Transnet, Mthatha Airport and Airports Company SA.
A creditor who attended the meeting told City Press that the airline’s biggest creditor is Rand Merchant Bank, which is reportedly…