South African Airways to Enter Into Bankruptcy Protection

South Africa’s government will place the national airline under a local form of bankruptcy protection as a last-ditch measure to try and prevent its total collapse. State-owned South African Airways is entering a business-rescue process to allow a “radical restructuring” under which the carrier will receive 4 billion rand ($274 million) in funding, Public Enterprises Minister Pravin Gordhan said in a statement Thursday. The process will allow SAA to continue operating. (www.bloomberg.com) Ещё...