JOHANNESBURG -An uncontrolled exit of South African national carrier SAA from the air transport industry would result in slowed or even negative economic growth if no contingency measures could be implemented the Airlines Association of Southern Africa has said.
South African Airways announced on Friday that its board of directors had - after consultations with the shareholder the government - resolved to place the company into business rescue in an effort to find a solution to its financial challenges. The move should provide some security and clarity for South Africa’s air transport, trade, logistics, travel and tourism sectors, the AASA - whose members include all of the domestic airlines in the country and most airlines in the Southern African Development Communit region and the Indian Ocean islands - said in reaction to the news.
"While AASA may not comment on SAA’s business or its shareholder’s decision, it is important to consider them within the industry and broader socio-economic contexts within which the sector subsists," it said, noting that South Africa’s domestic air transport market was one of the most robustly competitive in Africa and benefited the entire economy by providing choice, affordable, safe and reliable connectivity to destinations and markets throughout the country, while reducing the...
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Government to hand over control of SAA to restructuring specialist | IOL Business ReportThe government will cede control of South African Airways (SAA) to a restructuring specialist in a last-ditch attempt to save the business. Don't fly SAA!!!!! Let it die!
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