SAA chief Vuyani Jarana aims to entice lenders
New South African Airways (SAA) boss Vuyani Jarana plans to win back Standard Chartered and Citibank as lenders after they dumped the cash-strapped and debt-ridden airline earlier in 2017. Jarana, who inherited a mess when he was appointed in November, told Business Day in an interview last week that he was sure that a new turnaround plan, which he aimed to table in January, could persuade the banks to come back. "We’ll continue to talk even with those [banks] that were fed up and pulled the plug. This is business, we are going to go back to them. Perhaps the reasons for them [pulling] the plug may have been based on them not believing in the plan. If they trust the plan, they may want to do business with us." The government will pay over the final tranche of a R10bn in March 2018. Jarana said the airline would have R9.2bn in negative equity after March. A consortium of lenders that stayed the course, albeit with a string of conditions attached, had rolled over their debt that was d...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.