South African Airways has been given a lifeline with a rescue plan announced today.
The troubled airline has been placed into a local form of bankruptcy protection while money is injected from the country’s government and from existing lenders.
The so-called ‘business rescue’ will see the airline receive R4 billion (around £207 million) in total – half from the government and half from lenders.
In a statement, the airline said: “SAA understands that this decision presents many challenges and uncertainties for its staff. The company will engage in targeted communication and support for all employee groups at this difficult time.
“SAA will endeavour to operate a new provisional timetable and will publish details shortly. The company greatly appreciates the continued support of both its customers and partners in the travel industry around the world.”
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