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SAA predicts full year loss
South Africa Airways (SAA) is predicting a loss of R853million in the 2016/17 financial year, which ended in March. In a plan submitted to the parliament’s oversight committee on finance, SAA said that it is relying on lenders to survive and has more than R19 billion on guarantees. The airline’s financial rescue plan, which is yet to be finalised, includes the merger of SA Express and SAA, the recapitalisation of SAA and finding an equity partner.
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