SAA to get R3.5 bln emergency funding from Development Bank

Cash-strapped national carrier South African Airways (SAA) will receive R3.5 billion ($244 million) of emergency funding from the Development Bank of Southern Africa, the airline’s business rescue practitioners said on Tuesday.

SAA is fighting for its survival after it entered into a form of bankruptcy protection in December and cancelled some flights because of cash shortages.

“We can confirm that the Development Bank of Southern Africa has committed R3.5 billion in funding to the SAA practitioners, with an immediate draw down of R2 billion,” said the team overseeing SAA’s bankruptcy protected restructuring.

Source: SABC News (