South African Airways Receives R1bn Towards Historical Debt
South African Airways (SA) received ZAR 1 billion allocation from the National Budget 2023 – to settle a portion of ...
South African Airways (SA) received ZAR 1 billion allocation from the National Budget 2023 – to settle a portion of the outstanding obligations on the implementation of SAA’s 2020 Business Rescue Plan.
The Minister of Finance noted – the funding will be used to cover outstanding liabilities, specifically those relating to the final dividend payment to creditors and the refund of legacy un-flown tickets to affected passengers – which date back to the period when SAA was placed in business rescue in December 2019.
“SAA has reached a point where we cover our operating costs. It must be emphasised that the allocation announced relates only to historical debt. These funds are not meant to bolster the business plan we are currently executing.”
–Fikile Mhlontlo, CFO, FlySAA.SPONSORED
