Planes. No funding yet for South African Airways
There will be a crucial meeting of creditors tomorrow
A long-awaited meeting: the fate of carrier South African Airways could depend on the meeting organized for tomorrow, on Friday September 18, 2020. This is the meeting called urgently and which will involve creditors of national airline that declared bankrupt several months ago (read also the article published by AVIONEWS). Local government intends to save the airline, but funding for its restructuring did not arrive as originally planned. The meeting is scheduled for 11:00 am (local time) tomorrow and the agenda will be focused on this lack of funding and the future prospects of South African Airways.
Current administration lasted since last December and tried to put a stop to the long years of economic losses; a rescue plan exists, fleet must be downsized and layoffs are inevitable. The necessary loan, however, is not a trifle: it's about about 10 billion rands (520 million euros). Local executive secured the funds, but it is not clear where they will come from; meanwhile, last rescue proposal arrived two weeks ago, that of Ethiopian Airlines (read AVIONEWS).
AVIONEWS - World Aeronautical Press Agency