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Moneyweb reports that South African Airways (SAA) has cancelled 53 domestic and 46 international “low demand” flights in February in order to cut costs for the national carrier, which is undergoing business rescue.
“We are committed to accommodating all affected customers on alternative flights, operated by the airline and its Star Alliance partners. Any inconvenience or delays are intended to be minimal,” said chief commercial officer Philip Saunders. The business rescue practitioners are also reviewing “all third party contracts with the entity, with the intention to cancel any onerous contracts or renegotiate others into commercially acceptable terms.” SAA received a R3.5 billion cash injection this week in the form of a National Treasury-guaranteed loan from the Development Bank of Southern Africa to fund its operations while business rescue practitioners develop a rescue plan, which should be completed and presented to creditors by the end of February. The R3.5 billion from the DBSA increases the initial R4 billion that government said SAA would need for the business rescue process in December up to R5.5 billion.
- Read the full original of the report in the above regard by Tebogo Tshwane at Moneyweb
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