South African Airways administrators propose restructuring plan

Administrators at state-owned South African Airways (SAA) proposed a restructuring plan for the cash-strapped airline on Tuesday, saying the government would have to find more than 10 billion rand ($579.47 million) of new money for it to work.

The administrators took over SAA in December, when the airline entered a local form of bankruptcy protection after almost a decade of financial losses. ($1 = 17.2571 rand)