South African Airways (SAA) had to be placed on 'business rescue' beca...
JOHANNESBURG - South African Airways had to be placed on “business rescue” because there was no other viable and financially workable option to secure a credible future for the state-owned airline, President Cyril Ramaphosa said on Monday.
Ramaphosa ordered SAA on Wednesday to seek a business rescue as the airline is close to collapse. Business rescue is a form of bankruptcy protection where a specialist adviser takes control of a company to restructure it. SAA has been granted a 4 billion rand lifeline from the government and banks to launch the rescue plan, but that cash could only last for months, analysts say.
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