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.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
