Treasury and lenders to provide R4bn for SAA rescue
The airline will get R2bn from the Treasury and R2bn loan guarantee to raise finance from commercial banks to facilitate the business rescue process
SAA will get R2bn in cash from the Treasury and another R2bn loan guarantee to raise finance from commercial banks to facilitate the business rescue process, public enterprises minister Pravin Gordhan announced on Thursday morning.
The airline, which has been placed in business rescue by its board of directors, had been unable to raise finance from either the Treasury or lenders to continue operating. The funding will enable the company to continue operating while it is being restructured.