Government plans to retain a minority shareholding in South African Airways while ceding management control to its investors, an official said.
South African Airways’ administrators proposed the government put up at least R26.7-billion to rescue the carrier after years of losses and the grounding of commercial passenger flights.
South African Airways administrators delivered a stark choice to those opposing their plan to fire the entire workforce and sell assets: it’s either that or full liquidation.
South African Airways has been denied any further funding by government as the national carrier looks for ways to recover from the coronavirus crisis and business rescue.
Vuyani Jarana, the former chief officer of Vodacom Business and former CEO of South African Airways, has invested in mobile telecommunications infrastructure supplier Mobax.
Embattled state-owned airline South African Airways will suspend all international and regional flights, retaining only the Johannesburg-Cape Town route, as it battles the devastating effects of coronavirus lockdowns.