SAA rescue hits new hurdle

23 July 2020 - 19:16 By carol paton
SAA's business rescue appears to have hit another snag.
SAA's business rescue appears to have hit another snag.
Image: Business Day

The business rescue of South African Airways has been further prolonged after a dispute broke out between the government and the consortium of banks to which SAA owes money, on the eve of the finalisation of the rescue plan.

A guarantee confirmation letter to lenders stating when and how they will be repaid is one of the conditions necessary for the success of the rescue and was not met by the close of business on Thursday.

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