Struggling state carrier South African Airways said it would ‘cancel and consolidate’ flights, days after receiving a $244 million bailout from the government
FILE PHOTO: A South African Airways plane taxis after landing at O.R. Tambo International Airport in Johannesburg, South Africa, January 18, 2020. Picture taken January 18, 2020. REUTERS/Rogan Ward/File Photo
The government bailout from state-owned Development Bank of Southern Africa was announced on Tuesday. The treasury had initially promised a 2 billion rand rescue package, but that funding had stalled when Finance Minister Tito Mboweni insisted it be done in a way that avoids increasing the budget deficit.SAA is fighting for its survival after it entered a form of bankruptcy protection in December and cancelled some flights because of cash shortages. The carrier has not made a profit since 2011.
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