South African Airways to Seek Partner ‘Immediately,’ Union Says

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South African Airways pledged to urgently begin a search for a private-sector partner to help turn around the troubled state-owned carrier and ease the burden on an already stretched National Treasury. The assurance followed an attempt by the Solidarity union to end SAA’s reliance on state funding and push the airline into business rescue. The carrier hasn’t made a profit since 2011 and last year needed a bailout to avoid a default on borrowings, Bloomberg News reported. “The reality is that there is pressure to find funding solutions for SAA,” spokesman Tlali Tlali said in an emailed response to questions. “For that reason, there is a decision to commence, as soon as possible, a process for a strategic equity partner.” An investor or aviation partner has long been mooted as the answer to SAA’s financial crisis, though no candidates have yet come forward. Read more.