SAA rescue hits new hurdle

The business rescue of SAA has been further prolonged after a dispute broke between government and a consortium of banks.

The sale of a stake in SAA to a private sector consortium is expected to be announced as early as next week.
The sale of a stake in SAA to a private sector consortium is expected to be announced as early as next week. (file photo)

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.

For the full story, visit BusinessLIVE.


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