South African Airways has applied to enter ‘business rescue’, a form of bankruptcy protection it hopes will save the cash-strapped state carrier from collapse.
The airline has been making losses since 2011, is deeply in debt and has received more than $1.36 billion in government bailouts over the past three years all of which have achieved little more than keeping it barely afloat.
President Cyril Ramaphosa had ordered SAA to seek the business rescue in which a specialist takes control of the…
READ MORE : http://www.africanews.com/2019/12/09/with-embattled-airline-south-africa-moves-to-save-rail-company
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