South African Airways asks govt for 13 billion rand to survive

South African Airways [Photo: Air Transport World]
South African Airways [Photo: Air Transport World]

South Africa’s state-owned airliner says it will face a liquidity crisis if it does not receive a 13 billion rand ($976 million) cash injection from the Treasury to meet its debt obligations and cover operating costs, it said on Friday.

South African Airways (SAA) said in a financial plan presented to parliament that its modelling showed it was not generating enough cash.

However, it said that it would turn a profit by 2019 on an EBITDA basis.

The airline also said debt maturities had been negotiated and extended to the end of September this year.

(Reuters/NAN)


DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD:DIABETES Is CURABLE! Don't Let It Threaten You! To NORMALIZE Your Blood Sugar In 21Days For Life, Click Here!!!.


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.