Solidarity union to continue with SAA business rescue plan despite latest bailout

Solidarity union to continue with SAA business rescue plan despite latest bailout
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The Solidarity trade union will continue with its court application to place State-owned flag carrier South African Airways (SAA) under business rescue, despite another government bailout for the airline, the union announced on Friday. This follows a statement on Thursday by SAA CEO Vuyani Jarana that the government had promised another R5-billion (about $400-million) capital injection for the carrier. SAA has not recorded a profit since 2011 and has so far received State guarantees totalling close to R20-billion. Since 2012 it has racked up losses totalling R32-billion, Solidarity reported. The airline needs the latest injection in order to help pay its debts and prop itself up.



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