Banks demand payment from SAA on overdue loan

Picture: BUSINESS DAY
Picture: BUSINESS DAY

SAA, whose CEO Vuyani Jarana quit last week, faces a difficult outlook with a call from banks to provide a clear payment date for an overdue R3.5bn bridging loan before they consider new borrowing or roll over existing debt.

New borrowing to fund operations for 2019/2020 financial year — about R4bn — and the rollover of maturing debt by July 31 of about R9.2bn are also urgent.

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