By Reuters
Share this articleComments
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)
Share this articleComments
You might also like
Euronews Debates | The South Africa perspective: Can the EU & Africa reboot their relationship?
IN PARTNERSHIP WITH BRAND SOUTH AFRICA
DRC: a new narrative emerges
IN PARTNERSHIP WITH PRIMATURE DRC
Rwanda’s port – creating a hub for Intra-African trade
IN PARTNERSHIP WITH DP WORLD