A vote on a restructuring plan for loss-making South African Airways (SAA) was delayed until next month, after some creditors and trade unions secured an adjournment after months of wrangling over the airline's future.
The administrators, who took over SAA in December after almost a decade of financial losses, published their restructuring plan last week and now expect the vote to take place on July 14.
The plan involves scaling back SAA's fleet while keeping most routes intact but needs the government to find at least 10 billion rand ($578 million, or Dh2.1bn) of new funds to pay some creditors, fund thousands of layoffs and restart the airline as Covid-19 travel restrictions ease.
It is not clear where those funds will come from, after the finance minister allocated no new money for SAA in an emergency budget.
"The meeting is adjourned, and we believe it will be adjourned until July 14," administrator Siviwe Dongwana told a creditor meeting after a 69-31 per cent vote in favour of the delay.
The NUMSA, SACCA and SAAPA unions argued the adjournment was necessary to correct what they said were deficiencies in the plan as well as for further negotiations.
Some creditors, including private airline Airlink, which tried this week to block the meeting via the courts, argued the administrators had not complied with local companies law and had not provided creditors with key information.
The administrators said they had responded to creditors' concerns.
Even if SAA's creditors approve the plan next month, it could still have to be reworked if the government does not come up with the necessary funding.
The state enterprises ministry has said there are investors interested in partnering with a restructured SAA but has given few details.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
