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South Africa To Approve $1.2 Billion Bailout For National Air Carrier

by on June 1, 2020
 

Directors of the struggling South African Airways are drafting a plan for the government to offer a 21 Billion Rand( $1.2 Billion) bailout which will help the airline resume operations after the lockdown and repay debt.

The company plans to use 17 Billion to repay creditors, 2 Billion as working capital and another 2 billion for retrenchment.

South Africa’s Public Enterprises Minister, Pravin Gordham opposes bailout plans and support creation of a new a airline.

The South African aviation routes have been shut down due to a COVID19 lockdown. Domestic flights between Johannesburg and Cape Town are still allowed.

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