State Airline asked South Africa for US$772m, minister says
South African Airways asked the govt for ZAR10b (US$772m) as part of a recapitalisation plan aimed at returning the carrier to profit, according to Finance minister Malusi Gigaba. The request was included in a 1-year corporate plan submitted by the airline to the National Treasury in March, Gigaba said in a written reply to opposition lawmakers, without saying whether he would agree to it. Any funds awarded by the state to SAA would come on top of this month’s ZAR2.2b injection to repay a loan by Standard Chartered. The National Treasury has ordered SAA to submit a turnaround plan that lays out steps toward a recovery before it commits to a further rescue deal. It was forced into covering the Standard Chartered loan first after the lender refused to extend a repayment deadline before the end of June. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-07-26/star/state-airline-asked-south-africa-for-us-772m-minister-says
https://portal.staralliance.com/cms/logo.png
State Airline asked South Africa for US$772m, minister says
South African Airways asked the govt for ZAR10b (US$772m) as part of a recapitalisation plan aimed at returning the carrier to profit, according to Finance minister Malusi Gigaba. The request was included in a 1-year corporate plan submitted by the airline to the National Treasury in March, Gigaba said in a written reply to opposition lawmakers, without saying whether he would agree to it. Any funds awarded by the state to SAA would come on top of this month’s ZAR2.2b injection to repay a loan by Standard Chartered. The National Treasury has ordered SAA to submit a turnaround plan that lays out steps toward a recovery before it commits to a further rescue deal. It was forced into covering the Standard Chartered loan first after the lender refused to extend a repayment deadline before the end of June. <br/>
