Les Matuson has been appointed as business rescue practitioner in South African Airways' voluntary business rescue process.
Les is a business advisor, turnaround specialist and senior business rescue practitioner with 35 years experience. Les has supervised recoveries in a number of large, high-profile corporate matters, including Ellerines.
Matuson Associates' focus is on preserving and maximising enterprise value for all stakeholders while dealing with a wide range of complex issues.
In his role at SAA, Matuson "will operate as an independent party to oversee the business rescue process as defined by Chapter 6 of the Companies Act 2008. According to the Act, Business rescue aims to facilitate the rehabilitation of the company that is “financially distressed”. The act also determines the legal rights of shareholders and creditors,"
"Post commencement funding which is critical to ensure ongoing operations of the company, has been committed to enable the company to continue to deliver services to its customers and stakeholders for the business rescue process".
Matuson said him and his team will "immediately begin consultations with all affected persons and stakeholders and intend to communicate more fully in due course”.