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)