South African Airways to get US$400m capital injection after plea for cash - CE
South Africa has promised another ZAR5b (US$400m) capital injection to help its struggling state airline meet urgent financial obligations, the CE of South African Airways said Thursday. SAA has not generated a profit since 2011 and has already received state guarantees totalling nearly ZAR20b. It needs the money to help pay debts and prop up the business as it implements a turnaround plan. The promise of more govt cash comes after SAA CE Vuyani Jarana told parliament in April that the firm needed the capital injection “now”. “Govt has committed to inject another ZAR5b into SAA. Part of that ZAR5b we will repay some of the creditors, suppliers, then the balance will support us for working capital until around October/November,” Jarana said. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-05-11/star/south-african-airways-to-get-us-400m-capital-injection-after-plea-for-cash-ce
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South African Airways to get US$400m capital injection after plea for cash - CE
South Africa has promised another ZAR5b (US$400m) capital injection to help its struggling state airline meet urgent financial obligations, the CE of South African Airways said Thursday. SAA has not generated a profit since 2011 and has already received state guarantees totalling nearly ZAR20b. It needs the money to help pay debts and prop up the business as it implements a turnaround plan. The promise of more govt cash comes after SAA CE Vuyani Jarana told parliament in April that the firm needed the capital injection “now”. “Govt has committed to inject another ZAR5b into SAA. Part of that ZAR5b we will repay some of the creditors, suppliers, then the balance will support us for working capital until around October/November,” Jarana said. <br/>
