South African Airways placed under care and maintenance until funding found

South African Airways Airbus A330 (A330-243) airplane as seen on 19 November 2019 at Munich International Airport MUC EDDM named Franz Josef Strauss, Flughafen Munchen, capital of Bavaria, Germany. The aircraft has the registration ZS-SXX with 2x RR jet engines. South African Airlines SA SAA SPRINGBOK is a state owned flag carrier airline of South Africa, Star Alliance member headquartered in Airways Park at O.R Tambo International Airport in Johannesburg JNB hub. (Photo by Nicolas Economou/NurPhoto via Getty Images)
South African Airways Airbus A330 (A330-243) airplane. (Photo by Nicolas Economou/NurPhoto via Getty Images)

Administrators of struggling state-owned airline, South African Airways have placed the airline under care and maintenance, suspending all its operations until funding discussions are complete.

A company’s assets can be put under care and maintenance in order to keep them in good condition when they are not being used.

“There has been certain progress throughout the previous week in relation to the securing of funding,” the administrators said in a notice to creditors.

According to the administrators, “Certain funders” have indicated a willingness to provide a portion of the funding subject to conditions.”

They did not identify the funders or disclose the conditions.

(with input from agencies)