June 7, 2019 / 9:36 AM / 10 days ago

S.Africa's SAA appoints interim CEO, approaches additional lenders

JOHANNESBURG, June 7 (Reuters) - Ailing state-owned South African Airways (SAA) appointed its head of operations Zuks Ramasia as acting chief executive, the firm’s board said on Friday, following the abrupt resignation last week of Vuyani Jarana after less than two years in the job.

SAA has not made a profit since 2011. It has a five-year turnaround plan that includes slashing costs and cancelling unprofitable routes and requires a 21.7 billion rand ($1.5 billion) cash injection from the government.

At a news conference in Johannesburg, executives said SAA had approached three additional lenders for money to meet its operating costs and was negotiating with existing lenders to extend maturities of debt coming due soon.

Reporting by Nqobile Dludla Writing by Mfuneko Toyana Editing by Catherine Evans

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