South African gets another massive bailout

Here we go again, as South African is bailed out by the government yet to the tune of $249m.

Having just put up for sale 5 A343’s and 4 A346’s – none of which are going to raise more than a handful of cash, the airline has just started flying to JFK with A359’s it’s leasing.

The loan is conditional of the airline restructuring but the same has been said before and despite efforts to do so, resisted buy entrenched government supporting and supported unions.