June 23, 2020 / 9:07 AM / 19 days ago

South Africa says has received unsolicited proposals for new national airline

JOHANNESBURG, June 23 (Reuters) - The South African government said on Tuesday it had received unsolicited proposals from private sector funders, private equity investors and potential partners for a new national airline based on struggling South African Airways (SAA).

SAA has been under a form of bankruptcy protection since December, and its administrators earlier this month proposed a restructuring plan for which the government had to find at least 10 billion rand ($580 million) of new funds.

The Department of Public Enterprises said in a statement: “Government is intent on pursuing credible proposals for investment and strategic partnerships with the private sector, as well as equity participation for employees.”

$1 = 17.2386 rand Reporting by Alexander Winning

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