A draw-down loan is a loan which enables the borrower to take out further advances.
In a statement, SAA’s Chief Commercial Officer Philip Saunders says SAA is a key strategic asset and the restructuring will provide an opportunity for it to provide reliable connectivity to markets within South Africa, the African continent as well as servicing selected international routes. SAA has advised passengers, travel agencies and airline partners to continue booking flights on the airline.
The company has not made a profit since 2011 and has had more than R20 billion in bailouts over the last three years.
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At what cost to the dwindling tax payer base?
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SAA gets R3.5bn emergency funding from state-owned bank | IOL Business ReportCash-strapped SAA will receive R3.5 bn of emergency funding from the Development Bank of Southern Africa, the airline's business rescue practitioners said. ? HOW DO YOU PAY IT BACK Rescue...... We as South Africans will need to be rescued after this.... Worse decision ever made... What could that money have saved at Eskom?
Source: IOL - 🏆 46. / 51 Read more »
SAA on a high following DBSA cash injection - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.South African Airways (SAA) has advised passengers, travel agencies and airline partners to continue booking flights on the airline after receiving R3.5 billion emergency funding from the Development Bank of Southern Africa (DBSA). They'll be back on a begging trail 6 months down the line. So, there's nothing to be excited about. On a high my ass.... Till next month
Source: SABC News Online - 🏆 32. / 51 Read more »