File: State-owned SAA entered a form of bankruptcy protection in December and is fighting for its survival.
JOHANNESBURG - Creditors of cash-strapped South African Airways (SAA) have authorised an extension of the deadline for the airline's business rescue plan until 29 May, the airline's administrators said on Thursday.
State-owned SAA entered a form of bankruptcy protection in December and is fighting for its survival.
WATCH: SAA's plans for survival
The specialists appointed to try to save the airline requested the latest extension for the rescue plan because of the global coronavirus pandemic.
"We confirm that a further extension for the publication of the plan from 31 March 2020 to 29 May 2020 has been approved by the requisite majority of the creditors," the specialists said in a letter seen by Reuters.
SAA has not made a profit since 2011 and has received more than R20- billion in bailouts in the past three years.
It said last week that it would suspend intercontinental and African regional flights until the end of May because of the coronavirus.