S.Africa’s Struggling Carrier SAA To Cut Flights To Ease Cash Flow

www.oann.com | 1/18/2020 | Staff
MicaellaMicaella (Posted by) Level 3
JOHANNESBURG (Reuters) – Cash-strapped state carrier South African Airways (SAA) said on Thursday it would “cancel and consolidate selected flights” to lower costs, days after it received a 3.5 billion rand ($244 million) government bailout to ease a mounting cash-flow crunch.

The government bailout from state-owned Development Bank of Southern Africa (DBSA) was announced on Tuesday. The treasury had initially promised a 2 billion rand rescue package, but that funding had stalled when Finance Minister Tito Mboweni insisted it be done in a way that avoids increasing the budget deficit.

DBSA - Loan - SAA - Loans - Creditors

Apart from the DBSA loan, SAA has also received bridging loans from commercial creditors.

SAA is fighting for its survival after it entered a form of bankruptcy...
(Excerpt) Read more at: www.oann.com
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