Another Bailout for Troubled SA Carrier

Cash-strapped state carrier South African Airways (SAA) said on Thursday it would “cancel and consolidate selected flights” to lower costs, days after it received a $244 million government bailout to ease a mounting cash-flow crunch. The government bailout from state-owned Development Bank of Southern Africa (DBSA) was announced on Tuesday. The treasury had initially promised a 2 billion rand rescue package, but that funding had stalled when Finance Minister Tito Mboweni insisted it be done in a way that avoids increasing the budget deficit.

SOURCE: REUTERS AFRICA