Government to hand over control of SAA to restructuring specialist | IOL Business Report

  • 📰 IOL
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 51%

United States News News

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

Government to hand over control of SAA to restructuring specialist

JOHANNESBURG - The government will cede control of South African Airways to a restructuring specialist in a last-ditch attempt to save the cash-strapped business from collapse.

As part of a rescue plan started on Thursday, the government will hand the running of SAA to an as-yet unidentified specialist to make the sort of painful cuts that would be difficult for politicians to push through. SAA has been granted a R4 billion lifeline from the government and banks to launch the rescue plan, but that cash could only last for months, analysts say.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Don't fly SAA!!!!! Let it die!

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 46. in US

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.

DA pleased SAA will be put into business rescue | IOL Business ReportPravin Gordhan said that the next best option for embattled the state-owned South African Airways is to be placed into business rescue. Of course they will be, it’s been their tune for over a decade akere Can it be that afriforum “convinced”Luthulihouse ? WHO is pleased?
Source: IOL - 🏆 46. / 51 Read more »

Business rescue will allow SAA to continue operating in orderly, safe manner - Gordhan | IOL Business ReportThe business rescue announced for cash-strapped national carrier SAA will allow it to continue operating in an orderly and safe manner. busrep
Source: IOL - 🏆 46. / 51 Read more »

Government to place ailing SAA under business rescueThe move potentially draws a line under the crisis — if a rescuer can be found.
Source: mailandguardian - 🏆 2. / 92 Read more »

Government puts troubled SAA on business rescueGovernment has placed the embattled SAA on business rescue. In a media statement sent out on Wednesday, Cassius Lubisi, the secretariat of the cabinet, said SAA was placed on voluntary business rescue to prevent the cash-strapped airline from imploding. 'In this regard, SAA will have to urgently go into voluntary business rescue.
Source: SowetanLIVE - 🏆 13. / 63 Read more »