South Africa's state airliner SAA says job cuts could save firm $47 mln

South Africa's SAA's restructuring plan will be finalized by March next year and should save the firm 700 million rands ($47 million), the executive team at the ailing state airline told a media briefing on Tuesday.

"If you look at the 944 employees (who could lose their jobs), it's estimated, depending on how the process pans out, it could save the company about 700 million rands. Our communications to labor and employees is to have this process finalized by the end of March next year," said South African Airways' Martin Kemp.

Earlier on Tuesday, the company said it had started consultations with its more than 5,000 staff and labor unions about cutting jobs to bringing down its massive debt, including a 21.7 billion rand funding gap, that has forced the government to repeatedly bail it out. ($1 = 14.8839 rand)