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Only option was to put South African Airways on rescue, Ramaphosa says

Only option was to put South African Airways on rescue, Ramaphosa says
FILE PHOTO: A South African Airways Airbus A340-300 plane prepares to take off at the O. R. Tambo International Airport in Kempton Park, South Africa, June 7,2019. REUTERS Siphiwe Sibeko/   -   Copyright  Siphiwe Sibeko(Reuters)
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JOHANNESBURG (Reuters) – South African Airways had to be placed on “business rescue” because there was no other viable and financially workable option for a credible future for the state-owned airline, President Cyril Ramaphosa said on Monday.

The airline was placed on business rescue by the government, a form of bankruptcy protection, on Thursday in hopes to save the cash-strapped state carrier from collapse.

“The financial crisis had become so grave that the only way to secure its survival was to take this extraordinary measure,” Ramaphosa said in his weekly newsletter.

(Reporting by Nqobile Dludla; Editing by Tom Hogue)

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