SA misses deadline to bail out struggling SAA
JOHANNESBURG – The South African government said it’s working on solutions for the national airline after failing to pay 2 billion rand ($138 million) in funding by a Sunday deadline.
President Cyril Ramaphosa’s government said it continues to work with South African Airways’ lenders and business-rescue practitioners, “with the primary goal of bringing out of this process a restructured, modern airline.”
Lenders agreed in December to provide 2 billion rand to enable SAA to continue to operate, while the government committed an equal amount though the National Treasury. However, it has yet to pay the funds. The airline has been in a local form of bankruptcy protection since last month.
Source: iol.co.za
