South African Airways (SAA) has received a further 5 billion rand ($346 million) from the Department of Public Enterprises to complete severance payments that form part of its rescue plan, bankruptcy administrators said on Tuesday.
SAA entered a local form of bankruptcy protection in December of 2019 after roughly a decade of financial losses, and its fortunes worsened after it grounded flights because of the Covid-19 pandemic.
SAA gets R5bln from govt to pay laid-off workers - statement
Image: 123RF/RICHARD VAN DER SPUY
South African Airways (SAA) has received a further 5 billion rand ($346 million) from the Department of Public Enterprises to complete severance payments that form part of its rescue plan, bankruptcy administrators said on Tuesday.
SAA entered a local form of bankruptcy protection in December of 2019 after roughly a decade of financial losses, and its fortunes worsened after it grounded flights because of the Covid-19 pandemic.
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