UPDATE 2-South African Airways in talks to roll over $650 mln of debt [Reuters]
VODACOM GROUP LTD S/ADR (VDMCY)
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Source: Reuters
UPDATE 2-South African Airways in talks to roll over $650 mln of debt | Reuters 4 Min Read * Secures 3.5 bln rand funding from banks to last until June * Will need 4 billion rand from June for working capital * On track to turn profitable by 2021 fiscal year * In talks with govt to sell majority stake in Air Chefs (Recasts with debt rollover talks) By Tiisetso Motsoeneng and Olivia Kumwenda-Mtambo JOHANNESBURG, Feb 18 (Reuters) - South Africa’s state-owned airline is in talks with lenders about rolling over $650 million of debt due next month, its finance chief said on Monday, a move that would give the struggling company breathing space to push through a turnaround plan. South African President Cyril Ramaphosa has made a point of supporting ailing state firms like South African Airways (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 pla
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