About: http://data.cimple.eu/news-article/07e3c7a5fcf8ffd18c668015bc510fa4e89392084a46f349f7d1f462

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About: http://data.cimple.eu/news-article/07e3c7a5fcf8ffd18c668015bc510fa4e89392084a46f349f7d1f462 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	The South African government said Friday that was it was concluding efforts to secure funding to restructure the ailing national airline, vowing it would not be liquidated. In a statement, the Department of Public Enterprises said "government will re-prioritise funds to finalise the restructuring of South African Airways (SAA) and the implementation of the airline's business rescue plan". "The national carrier will not be liquidated," the department said in a statement shortly after a meeting of the airline's creditors and business rescue practitioners. In July creditors of cash-strapped SAA approved a mass restructuring plan that would replace it with a new, restructured and competitive carrier. Earlier on Friday, the airline's business rescue practitioners told creditors that government had stated a "very clear cabinet commitment" to make available 10.5 billion rand ($646 billion) to restructure the airline. Government also said it was assessing 20 "unsolicited expressions of interests from private sector funders, private equity investors and partners for a future restructured SAA". Heavily indebted, SAA was placed under a state-approved rescue plan in December. The airline, Africa's second largest after Ethiopian Airlines, has not posted a profit since 2011 and has survived for years only on state bailouts. A symbol of the mismanagement of state-owned enterprises that characterised ex-president Jacob Zuma's reign, the airline was forced to abandon many routes even before the Covid-19 pandemic. sn/cdw
schema:headline	S.African govt says SAA restructuring funding deal
schema:mentions	Private equity South African rand Jacob Zuma South African Airways Ethiopian Airlines Africa Pandemic Coronavirus disease 2019 Insolvency Flag carrier Cabinet of Israel CDW
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-09-18 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	85 (xsd:integer)

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