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Topic

South African Airways

South African rand set for first red week in four

South African rand set for first red week in four

Published 11 Jun, 2021 11:39pm
  • He said that volumes on the Johannesburg Stock Exchange were quite low suggesting that investors were staying on the sidelines to see where inflation was headed.
  • The rand was 1.2pc weaker at 13.7475 per dollar, moving further from a 28-month high hit last week.
South Africa commits $650mn to airline SAA, administrator says

South Africa commits $650mn to airline SAA, administrator says

Published 18 Sep, 2020 06:53pm
  • Govt says will reprioritise funds for rescue of co.
  • Says will not allow airline liquidation.
  • Administrator says govt has committed 10.5 bln rand.
  • SAA under bankruptcy protection since December.
  • Rescue plan on hold since July over funding.
South African Airways needs state cash next week

South African Airways needs state cash next week

Published 10 Sep, 2020 05:29pm
  • It is prudent to advise affected persons of the company's dire financial position
  • "The existing funds which are available for operational expenditure ...are near depletion."
South African Airways creditors approve rescue plan

South African Airways creditors approve rescue plan

Published 14 Jul, 2020 06:48pm
  • Administrator Siviwe Dongwana told a creditor meeting that the plan had been approved by 86% of voting interests.
  • The rescue plan envisages scaling back the state-owned airline's fleet and shedding jobs but requires the government to find at least 10 billion rand of new funds for it to work.
SAA administrators aim to publish revised plan on July 7

SAA administrators aim to publish revised plan on July 7

Published 02 Jul, 2020 08:41pm
  • The administrators published a restructuring plan for the struggling state-owned airline last month after repeated delays and months of wrangling with the government and trade unions.
  • It said four unions - NTM, SATAWU, AUSA and Solidarity - and some non-unionised SAA staff were ready to sign voluntary severance packages if creditors approve the plan on July 14.
South Africa to oppose Airlink's bid to halt SAA creditors meeting

South Africa to oppose Airlink's bid to halt SAA creditors meeting

Published 22 Jun, 2020 09:07pm
  • Airlink was a franchisee of state-owned SAA for over two decades, an arrangement that allowed SAA to sell tickets and fly passengers on Airlink flights.
  • SAA went into a form of bankruptcy protection in December and since then state-appointed administr
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