South African Airways Rescuers Get Extra Month to Make Plan

Administrators for South Africa’s loss-making state airline have been given an extra month to complete a turnaround plan, Bloomberg News reported. The so-called Business Rescue Practitioners can now file their report on South African Airways by the end of March, they said in a statement on Friday. A majority of creditors agreed to the extension. Bloomberg News earlier reported the development. South Africa’s government placed SAA into a local form of bankruptcy protection late last year, a move designed to end a cycle of state bailouts and mounting losses. The National Treasury increased the amount of funding available to the carrier to 16.4 billion rand ($1 billion) earlier this week to help service debt while the administrators complete their task. Read more