South Africa misses deadline to bail out its national carrier

The South African govt said it’s working on solutions for the national airline after failing to pay ZAR2b (US$138m) in funding by a Sunday deadline. President Cyril Ramaphosa’s govt 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 ZAR2b to enable SAA to continue to operate, while the govt 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. The carrier has already burned through a loan it got from banks last month, according to people familiar with the matter. Lenders are hesitant to step in again. <br/>