Treasury in talks for extra funding as SAA woes continue - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

is at severe financial risk and urgently needs the additional R2 billion bailout promised by the government.

The government promised the airline R2 billion and another R2 billion was to come from lenders. But specialists, appointed to turnaround the national carrier, say the government has not yet provided its portion of the funds and that the R2 billion from lenders has been exhausted. The NTM has met with the business rescue practitioners of SAA over how the R2 billion it received from lenders was spent. The NTM says the situation is so dire, the airline will be forced to suspend some of its flights and delay salary payments if it does not receive the funds soon.

President of the National Transport Movement Mashudu Raphetha says, “The first R2 billion that they were given they showed the unions how they spent it. The government currently does not have cash available. We are very much worried that should the government not speed up this process, there will be a situation that happened in November where people did not get paid on time.

United States United States Latest News, United States United States Headlines

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

Liquidation of SAA not 'current scenario', say business rescue practitionersWhile the struggling state-owned airline has not yet received an additional R2bn in funds from Treasury, its business rescue practitioners say liquidation is not yet on the cards. Fin24 Airlines are struggling globally Fin24 South Africa cannot liquidate something that belongs to China. Maybe change the name to Chinese African Airways. Make the planes red with yellow stars. Put a dragon on the wing.
Source: News24 - 🏆 4. / 80 Read more »

SAA warns of flight cancellations and delayed salary payments - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.SAA might be forced to suspend some flights and delay salary payments if government doesn't come up with a plan soon to provide the R2 billion it promised the airline last month. Workers at SAA no longer have that pride of working at this failing national airliner as it was before. Jesus Take note TripAdvisor BBCAfrica news24 CNN SkyNews
Source: SABC News Online - 🏆 32. / 51 Read more »