South African government says it is committed to financing SAA
The bankruptcy administrators of South African Airways (SAA) were told that the government was committed to provide 10.5 billion rand ($650 million) to the restructured airline.
One of the administrators announced the news after a meeting on September 18, 2020, South African media reports.
SAA, the country’s flag carrier, has not made profit since 2011 and has been plagued by conflicts with the government and trade unions. After a number of unsuccessful rescue proposals, the airline has been put under bankruptcy protection in December 2019, and governed by the bankruptcy administrators since.
New rescue plan was approved by creditors in July 2020, but the government hesitated to accept it and provide funds necessary for restructuring.
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