South African Airways(SAA) says the restructuring process being undertaken by the business rescue practitioners, will aim to preserve jobs where possible.
SAA has been given a lifeline by the Development Bank of Southern Africa which committed R3.5 billion to the national carrier with an additional R2 billion in the form of a draw-down loan.
A draw-down loan is a loan which enables the borrower to take out further advances.
In a statement, SAA’s Chief Commercial Officer Philip Saunders says SAA is a key strategic asset and the restructuring will provide an opportunity for it to provide reliable connectivity to markets within South Africa, the African continent as well as servicing selected international routes.
SAA has advised passengers, travel agencies and airline partners to continue booking flights on the airline.
The company has not made a profit since 2011 and has had more than R20 billion in bailouts over the last three years.
