JOHANNESBURG (Reuters) – South African Airways (SAA) has received a further 5 billion rand ($346 million) from the Department of Public Enterprises to complete severance payments that form part of its rescue plan, bankruptcy administrators said on Tuesday.
SAA entered a local form of bankruptcy protection in December of 2019 after roughly a decade of financial losses, and its fortunes worsened after it grounded flights because of the COVID-19 pandemic.
($1 = 14.4432 rand)
(Reporting by Mfuneko Toyana; Editing by Promit Mukherjee)
