Government to hand over control of SAA to restructuring specialist
JOHANNESBURG – The government will cede control of South African Airways (SAA) to a restructuring specialist in a last-ditch attempt to save the cash-strapped business from collapse.
As part of a rescue plan started on Thursday, the government will hand the running of SAA to an as-yet unidentified specialist to make the sort of painful cuts that would be difficult for politicians to push through.
SAA has been granted a R4 billion lifeline from the government and banks to launch the rescue plan, but that cash could only last for months, analysts say.
Source: iol.co.za
