South African Airways (SAA) has delayed a deal with BnP Capital, which had been awarded the contract to restructure 15 billion rand ($1 billion) of debt, because the contract had not been put out to tender. Local media reports stated that the SAA board of directors agreed to pay the boutique financier a 256 million rand success fee without tender because of urgent loan repayments due at the end of June. The airline denies the fee was set at 256 million rand but has given BnP Capital until next week to respond to matters raised with them but consider the contract to be in place.
SAA halts restructuring
