UPDATE 1-South African Airways agrees debt rollover deal in principle -CEO [Reuters]
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Source: Reuters
UPDATE 1-South African Airways agrees debt rollover deal in principle -CEO - Reuters 2 Min Read (Adds details) DUBAI, April 30 (Reuters) - State-owned South African Airways (SAA) has reached an agreement in principle with lenders to roll over $642 million of debt, its CEO said on Tuesday, giving him room to execute a turnaround aimed at weaning the airline off government bailouts. South African President Cyril Ramaphosa has made a point of supporting ailing state firms like SAA, which survive on government handouts, but the extent of their financial difficulties has meant slow progress. SAA, which has not made a profit since 2011, has drawn up a five-year turnaround plan that includes slashing costs and cancelling unprofitable routes as it grapples with cost increases that far outstrip revenue growth. Chief Executive Vuyani Jarana told reporters at a CAPA aviation summit in Dubai that SAA had reached an agreement in principle about extending the maturities of its 9.2 billion rand ($64
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