The public companies department said work for Save South African Airways (SAA) has just begun.
The department welcomed the announcement by SAA’s business rescue professionals that the airline is no longer under business rescue.
The national carrier was put on business rescue in December 2019 in an attempt to save the failed national carrier from total collapse.
The COVID-19 pandemic has aggravated its financial problems, forcing it to suspend all of its aircraft, while its subsidiaries, including Mango Airlines, faced uncertainty.
Business rescue workers say the airline is now solvent and its operations have been returned to the board.
However, Richard Mantu of the department said that a provisional business plan to sustain operations was still being finalized.
“The (business rescuers) are handing over a solvent deal to the board of entry, however, that doesn’t mean that (the job is done). The board will be developing and implementing a provisional business plan to support operations, while a strategic capital partnership is being finalized. This will allow capital and much-needed technical and commercial knowledge to be brought in to ensure the emergence of a competitive operator. “