JOHANNESBURG - South African Airways (SAA) has secured a much-needed cash injection.
The R3.5-billion loan will finance its working capital requirements until the end of the current financial year.
Negotiations are underway to get repayment terms of previous loans extended.
UPDATE: SAA clarifies alleged split
“We appreciate the lenders are proceeding with caution, but they are satisfied with the progress... We will keep operations going on until the end of the current financial year,” said SAA spokesperson, Tlali Tlali.
Meanwhile, SAA will remain a single entity but will be broken into three separate business units as part of a restructuring plan.
“SAA will remain as one entity with three business unit’s superimposed on current route network. International, regional Africa and domestic market in South Africa,” Tlali Tlali added.