SAA: Govt guarantee letter due Monday

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.

READ: Government has plan for SAA employees: Gordhan

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

Paid Content