Government has provisionally agreed to allocate at least R21-billion to the country’s embattled national airline to help repay debt and resume operations after the lifting of Covid-19 travel bans.
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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 plans to lay off its entire 4 700-strong workforce after failing to persuade the government to provide more financial help.
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.
South African Airways will suspend all its domestic flights with effect from Friday, 27 March. The suspension of all domestic flights follows the suspension of both international and regional flights.
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.
Mango will halt all flights to and from Lanseria at the end of March 2020. This comes as parent SAA will cease all domestic flights with the exception of a limited service to Cape Town at the end of February.
Finance minister Tito Mboweni’s budget this week is unlikely to convince Moody’s Investors Service that he has a credible plan to rein in government debt.
South Africa must make progress on structural reforms before banks like Goldman Sachs Group can help draw foreign capital to the country.