SAA explains the extra funding needed from the Development Bank of SA | IOL Business Report

JOHANNESBURG - Embattled South African Airways that was bailed out yet again, this time by the Development Bank of South Africa , has explained what the extra funding of R3.5bn will be used for.

SAA said in a statement that the purpose of the funding is to provide a bridge to facilitate the development and publication of the Business Rescue Plan by the Business Rescue Practitioners by the end of February for presentation to creditors shortly thereafter. SAA said in the statement, "The conservation of cash through various cost reduction measures is critical to running an efficient airline and to create a platform on which a future for a restructured entity can be built. The BRPs have been and will continue to review all third party contracts with the entity, with the intention to cancel any onerous contracts or renegotiate others into commercially accepted terms.

Crooks

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Development Bank gives SAA wingsSAA has burnt through R2bn of funding in less than 60 days. Instead of the agreed-upon R2bn, R3.5bn has been secured to keep SAA in the air. One wonders how much more will have to be coughed up before the airline becomes sustainable?
Source: dailymaverick - 🏆 3. / 84 Read more »

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 »