Struggling South African Airways has 17 days settle USD374 million debt

Struggling South African Airways has 17 days settle USD374 million debt

Debt-ridden South African Airways has until the end of October 2017 to pay off a major debt obligation that might lead to its shut down should the company default.

South African Airways has just about 17 days to pay ZAR5 billion or USD374 million maturing debt it owes domestic lenders but the airline might possibly extend the payment further.

The debt had originally been due to be paid at the end of September. South African Airways (SAA) was last month provided with emergency state funds from the Treasury to repay 3 billion rand in loans from Citibank amid concerns the airline would default on its payments.