South African lender weighs taking control of ArcelorMittal init
South African Airways rescue package approved
8:57 CAT | 15 Jul 2020
File photo: AFP
Creditors of loss-making South African Airways (SAA) have agreed a restructuring package to keep the company going.
It will cost $600m (£477m) and see more than half of SAA’s 5,000 strong workforce lose their jobs.
The South African government said it was a better outcome for employees than liquidation.
Unions gave a grudging welcome, saying they were glad the protracted process had ended.
SAA has not made a profit for nine years, surviving on government bailouts.
It was placed into bankruptcy in December, and has not flown since March because of the coronavirus crisis.
Source: BBC
Show comments
Also read
Leave a Reply
Be the First to Comment!
You must be logged in to post a comment.
You must be logged in to post a comment.