Aviation Featured Transport

South African Airways gets interim CEO, seeks fresh funds

Ailing state-owned  South African Airways (SAA) has appointed its head of operations, Zuks Ramasia, as its acting chief executive.

The firm’s board said  this on Friday at a news conference in Johannesburg.

It said  that the  appointment followed the abrupt resignation last week of Vuyani Jarana after less than two years on the job.

SAA has not made a profit since 2011.

The board said that the airline  had a five-year turnaround plan that included:  slashing costs and cancelling unprofitable routes.

It also added that it would  require a 21.7 billion rand ( about 1.5 billion dollars ) cash injection from the government.

The board  said  that  the airline also had approached three additional lenders for loan to meet its operating costs.

It added that the SAA was still negotiating  with its existing lenders to extend the maturities of  its debt that would be due soon.

Related posts

Organic agric value addition will maximise profit- EOA Coordinator

By Shile GIWA

NDLEA arrests 16, recovers 672.6g of hemp in Jigawa

By Kunle SHONUGA

Apapa-Oshodi expressway turns death trap, hot spot for criminals

Our Reporter

Current price of petrol reflects accurate economic realities – MOMAN

Editor

Buhari salutes former Military President, Ibrahim Babangida at 78

By Meletus EZE

Oil price falls, OPEC raises Nigeria’s production quota

Our Reporter