South African Airways (SA,
Johannesburg Oliver Reginald Tambo International (JNB)) has agreed with the South African government, its owner, that it will receive a $600 million US dollar loan guarantee to be able to get financing on the capital markets for the purchase of a new aircraft and a restructuring plan to return the airline to profitability. SAA needs to provide the government with a turnaround strategy and financing plan before receiving the loan guarantee. In the last week of September, eight board members have jointly resigned from the board of directors in protest of South African Minister of Public Enterprises Malusi Gigaba's decision to delay the annual general meeting of South African Airways.
