South African Airways Needs $780 Million of Funding, Business Day Reports
South African Airways, a state-owned carrier, is in talks with the government for a recapitalization of 4 billion rand to 6 billion rand, Business Day reported, citing Chief Financial Officer Wolf Meyer.
The money will be used for operational costs, renewing its fleet and funding its growth strategy, the Johannesburg-based newspaper reported. The airline will probably report a loss in the year through March, Business Day cited Meyer as saying. The funds would be in addition to a 1.3 billion-rand loan from the government and the 1.6 billion-rand guarantee the airline received to support cash requirements, it said.
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