South African Airways to get US$239m from state bank
South African Airways’ business-rescue team said it’s been given access to ZAR3.5b (US$239m) from the state-owned Development Bank of Southern Africa to avert the airline’s collapse. The team will immediately draw down ZAR2b from the facility, they said Tuesday. SAA has already canceled some flights this month to save cash after the govt missed a deadline to provide the money as part of the terms of its bankruptcy protection. SAA's business-rescue experts have until the end of next month to provide a turnaround plan, but the National Treasury has been reluctant to commit further state funds as part of that strategy. At stake is an airline with more than 5,000 employees, as well as thousands more at suppliers and associated companies. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-01-29/star/south-african-airways-to-get-us-239m-from-state-bank
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South African Airways to get US$239m from state bank
South African Airways’ business-rescue team said it’s been given access to ZAR3.5b (US$239m) from the state-owned Development Bank of Southern Africa to avert the airline’s collapse. The team will immediately draw down ZAR2b from the facility, they said Tuesday. SAA has already canceled some flights this month to save cash after the govt missed a deadline to provide the money as part of the terms of its bankruptcy protection. SAA's business-rescue experts have until the end of next month to provide a turnaround plan, but the National Treasury has been reluctant to commit further state funds as part of that strategy. At stake is an airline with more than 5,000 employees, as well as thousands more at suppliers and associated companies. <br/>
