South African carrier SAA says 4 bln rand govt bailout would ease liquidity crunch

Cash-strapped South African Airways (SAA) says it needs 4 billion rand in emergency cash from government to pay off maturing debt and steer the firm to profitability in two years' time, the state-owned airline's board said on Friday.

"We are in discussion with lenders about repaying the 3.5 billion rand (due in July) and extending the 9.2 billion rand (of other debt) over a protracted period of time," board member Martin Kingston told a news briefing. "Repaying the 3.5 billion rand opens the door for us to access additional liquidity for the current financial year."