Creditors of SAA have given government a slight extension to Monday to meet an outstanding guarantee condition. The condition is a requirement of the previously accepted business rescue plan for SAA. Courtesy #DStv403
JOHANNESBURG - Creditors of South African Airways have given the government a slight extension to Monday to meet an outstanding guarantee condition.
The condition is a requirement of the previously accepted business rescue plan for SAA.
Government has to provide a guarantee confirmation letter to lenders setting out the repayment of debt.
Banks are owed R 9.2-billion rand plus interest in legacy debt and R 5.5-billion for the post-commencement financing of the rescue.
Source
eNCA
