Aviation

South African Airways to Enter Into Bankruptcy Protection

JOHANNESBURG, 5 December 2019. South African Airways (SAA) is today in a position to announce that the Board of Directors of SAA has adopted a resolution to place the company into business rescue at the earliest opportunity.

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As previously announced, the SAA Board of Directors and the Executive Committee have been in consultations with the shareholder, the Department of Public Enterprises (DPE), in an effort to find a solution to our company’s well-documented financial challenges.

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The considered and unanimous conclusion has been to place the company into business rescue in order to create a better return for the company’s creditors and shareholders, than would result from any other available solution.

Furthermore, the company is seeking to minimize the destruction of value across its subsidiaries and provide the best prospects for selected activities within the group to continue operating successfully.

SAA understands that this decision presents many challenges and uncertainties for its staff. The company will engage in targeted communication and support for all employee groups at this difficult time.

SAA will endeavour to operate a new provisional timetable and will publish details shortly. The company greatly appreciates the continued support of both its customers and partners in the travel industry around the world.

The Board of Directors will also announce the appointment of business practitioners in the near future, and provide media updates as and when appropriate.

It is important to point out that services operated by SAA’s subsidiary airline, Mango, will continue as usual and as scheduled.

ISSUED BY SAA BOARD OF DIRECTORS

Aviation

Boeing, Antonov to Collaborate on Defense Projects

– MOU represents Boeing’s commitment to work with Ukrainian industry

– Includes exploring opportunities for collaborating on in-country support of Unmanned Aerial Systems

A Memorandum of Understanding was signed today by Boeing and Antonov Company to investigate potential collaboration on defense-related projects.

“We’re happy to keep collaborating with the Antonov Company to help Ukraine’s economic development and expansion,” stated Ted Colbert, CEO and president of Boeing Defence, Space, & Security.

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“This agreement demonstrates our ongoing efforts to find more opportunities to work with Ukrainian industry, which was underscored by our signing of the Ukrainian Defence Industry Compact earlier this year.”

The areas of potential collaboration identified in the agreement consist of training, logistical support and overhaul services for tactical Unmanned Aerial Systems utilized by the Ukrainian Armed Forces, which includes the ScanEagle. In addition, the companies will also explore opportunities for Antonov to provide engineering support to Boeing.

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“A strong, innovative, and efficient defense industry is key to sustainable economic development and national security, and we are extremely excited to collaborate with Boeing,” said Ievhen Gavrylov, CEO of Antonov Company.

This agreement brings a whole new level of opportunity to implement the latest and most effective solutions – in addition to the possibility of future projects with Boeing in the aerospace and defense industry.”