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South African Airways gets state bank bailout
South African Airways (SAA) has been given a state bailout of R3.5 billion (£1.85 million).
The money has been agreed by the Development Bank of Southern African (DBSA).
SAA’s business practitioners Les Matuson and Siviwe Dongwana issued a joint statement saying: "Discussions held with financial institutions have been fruitful with the Development Bank of Southern Africa. They have offered to provide us with a total amount of R3.5 billion, with an immediate draw-down of R2 billion."
"Stakeholders of the airline should have more comfort now that the rescue operation is on a more sound footing. Passengers, travellers and airlines may continue to book with SAA with renewed confidence."
Last week the airline cancelled more flights, but denied it was on the brink of collapse.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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