South Africa National Carrier Hopes To Raise $1 Billion From Financial Institutions

South Africa's cash-strapped national carrier plans to raise a billion dollars from financial institutions to pay off its debts. South African Airways is seeking both secured and unsecured funding. The carrier wants to start drawing down the amount within two weeks of signing the loan agreement. Hong Kong's tax authorities have threatened to ground planes if the airline does not provide financial statements soon. S-A-Ahas failed to submit statements for the past two years, with results for 2015/2016 held back by Treasury's refusal of additional loan guarantees.
South Africa
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