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Home Africa

South Africa’s Treasury says “no further action” to bailout SAA airline

FurtherAfrica by FurtherAfrica
July 4, 2020
in Africa, Aviation, Economy, South Africa, Transport, Travel
Reading Time: 1 min read
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US$137M life support to ailing South Africa Airways Is limited
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South Africa’s National Treasury said on Friday there was “no further action” planned to bailout struggling national airline SAA except to settle guaranteed debt as attempts to revive the airline hang on a knife edge.

The South African government wants creditors to back a restructuring plan for South African Airways (SAA) but did not allocate new bailouts for the loss-making state airline in an emergency budget last week.

Also read: SAA administrators aim to publish revised plan on July 7

In its strongest statement yet that it doesn’t plan on giving SAA more bailouts, the National Treasury told lawmakers they would not provide any new money to the airline as they are “insolvent” and turnaround plans have not been finalised yet.

Source: Reuters

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Tags: bailoutFeatureguaranteed debtSAA airlineSouth AfricaSouth Africa National TreasurySouth Africa's Treasury says "no further action" to bailout SAA airlineSouth African AirlinesTravelюжная-африкаجنوب-أفريقيا南アフリカ南非
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Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

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