The government is talking to lenders and exploring options for a capital structure to provide the R10-billion that is required to bail out SAA, Finance Minister Malusi Gigaba said on Friday. Gigaba was speaking following the first working session of the CEO Initiative steering committee under his tenure, which he co-chaired with CEO Initiative chairman Jabu Mabuza. The meeting came as Citibank this week reportedly refused to extend its R1.8-billion loan to SAA after Standard Chartered did the same in June. However, it is understood that there is no official demand from Citibank for the loan to be repaid immediately. Gigaba said the Treasury had compiled proposals that were presented to the cabinet but had not yet been finalised. He warned against "any hysteria created by our considering of various options". He said the cabinet had appointed four ministers: the ministers of public enterprises; telecommunications and postal services, and finance and economic development, to explore va...
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