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South African Airways Says It’s Secured R2BN From Banks To Stay Afloat

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20th Nov 2019 | Elizabeth Sasu

JOHANNESBURG – South African Airways (SAA) said that a number of banks had agreed to loan it R2 billion to stay afloat.

The national carrier now had to seek guarantees from government, as a shareholder, in order to receive the funds.

But the cash-strapped airline warned that it may need more money next year to cover the costs of the ongoing strike.

It is estimated that SAA has been losing R50 million a day during the strike, which began last Friday.

Embattled SAA said that it has managed to secure the help of various banks to keep it in business.

The airline was currently R9 billion in debt and said that the current strike was making things worse.

Chief financial officer Deon Fredericks: “The lenders have indicated that they’re comfortable to provide us with loans. This takes the R2 billion for the working capital and we had further discussions for additional funding. As a result of that, we could not make a commitment we could not honour because we haven’t finalised it.”

Public Enterprises Minister Pravin Gordhan said that government was committed to saving SAA but must not expect any more bailouts.

While some operations have resumed, the strike looked set to continue.

Source: ewn

Written by: Adwoa Sasu

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DUBAI, United Arab Emirates — Boeing [NYSE:BA] and the Republic of Ghana announced today that the country intends to re-launch an airline starting with the 787-9 Dreamliner. The parties signed a memorandum of understanding at the Dubai Air Show for three airplanes with a list price value of $877.5 million according to list prices. “There is a growing demand for air travel to and from Ghana and we believe the advanced 787-9 Dreamliner gives us an efficient and flexible machine to launch a regional network and eventually serve international destinations in the future,” said Joseph Kofi Adda, Honorable Minister of Aviation and Member of Parliament, Republic of Ghana. “The 787 has an excellent reputation for its operational performance, fuel efficiency and passenger experience and we are confident that we have the right partner for our new carrier.” Adda says the carrier, to be based in Accra, would establish the capital city as a strategic hub that serves cities across West Africa. Future routes would include destinations in Europe, North America and Asia and the long-term plan is to open the airline to private investment and operation. “Africa boasts a growing, young workforce and vast natural resources. We see the demand for air travel continuing to rise across the continent. Boeing is honored to work with Ghana in helping re-launch an airline to serve this vast market,” said Ihssane Mounir, senior vice president of Commercial Sales & Marketing for The Boeing Company. “We look forward to working with the government on an integrated solution that includes the 787-9 Dreamliner and aviation services to support the new airline and provide a superior experience for its future passengers.” The 787-9 is part of a family of three airplanes that offer long ranges and unmatched fuel efficiency in the 200 to 350 seat market. The 787-9 can carry 296 passengers and fly up to 7,530 nautical miles (13,950 kms), while reducing fuel use and emissions by 20 to 25 percent compared to older airplanes. Since entering service in 2011, the 787 family has enabled the opening of more than 250 new point-to-point routes and saved 45 billion pounds of fuel. Every day, there are more than 1,600 commercial flights on a 787 Dreamliner. This means that somewhere in the world a 787 Dreamliner takes off every minute. To date, more than 400 million passengers have flown on the airplane. About Boeing: Boeing is the world’s largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As the top U.S. exporter, the company supports commercial and government customers in more than 150 countries. Boeing employs more than 150,000 people worldwide and leverages the talents of a global supplier base. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth. Source: gh-aviation

19th Nov 2019 | Elizabeth Sasu Dubai, November 19, 2019 – Today, at the Dubai Airshow, De Havilland Aircraft of Canada Limited (“De Havilland Canada”) announced that the Republic of Ghana has signed a Letter of Intent to purchase up to six Dash 8-400 aircraft. The country recently announced plans to launch a home based carrier in Accra, Ghana to serve domestic, regional and international routes. “We are very excited to be working with De Havilland Canada to develop our fleet […]

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