South African Airways rescue package approved

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BBC World Service

Creditors of loss-making South African Airways (SAA) have agreed a restructuring package to keep the company going.

It will cost $600m (£477m) and see more than half of SAA’s 5,000 strong workforce lose their jobs.

The South African government said it was a better outcome for employees than liquidation.

Unions gave a grudging welcome, saying they were glad the protracted process had ended.

SAA has not made a profit for nine years, surviving on government bailouts.

It was placed into bankruptcy in December, and has not flown since March because of the coronavirus crisis.