Public and private money to keep South African Airways afloat. The Minister of Public Enterprises said in a statement that the company has a bailout plan this Thursday.
Pravin Gordhan added that the measure is expected to cost about $ 272 million. An envelope supported by both the state and lending agencies.
This financial assistance must make it possible « to facilitate a radical restructuring of the company » which will be conducted by an independent director, according to the minister.
South African Airways is struggling to recover from its deficits in recent years. Since 2011, the company once one of the prides of the African sky, no longer makes a profit.
The objective of the rescue plan announced by Minister Pravin Ghordan is to « avoid a disorderly collapse » and « try to keep as many jobs as possible, » he added, while South African Airways has some 5,200 employees.
The heavily indebted company was unable to pay all the salaries last November.
The South African public airline also announced Thursday the « rapid publication » of new schedules.