South African Airways Receives 7.8 Billion Rand of State Bailout

State-owned airline’s administrators have so far received 7.8 billion rand of a 10.5 billion rand government bailout pledged in October, according to statement.

• Funds are being used to implement a business-rescue plan, including payments to staff who agreed to voluntary-severance packages
• NOTE: SAA has been in bankruptcy protection since late 2019 and hasn’t flown commercially since March
• NOTE: Feb. 12, South Africa Is Close to Picking Airline Partner, Gordhan Says

To contact the reporter on this story:
John Bowker in Johannesburg at jbowker2@bloomberg.net

To contact the editors responsible for this story:
Anthony Palazzo at apalazzo@bloomberg.net

Monique Vanek

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