Transport

South African Airways says needs $976m bailout to avert crisis

South Africa’s state-owned airliner says it will face a liquidity crisis if it does not receive a 13 billion rand (976 million dollars) cash injection from the Treasury to meet its debt obligations and cover operating costs, it said on Friday.

South African Airways (SAA) said in a financial plan presented to parliament that its modelling showed it was not generating enough cash.

However, it said that it would turn a profit by 2019 on an EBITDA basis.

The airline also said debt maturities had been negotiated and extended to the end of September this year.

Get more stories like this on Twitter and Telegram
Read Also:  Final words of pilot of crashed Ethiopian Airlines plane revealed