South African Airways (SAA) Acting CEO Musa Zwane says the airline is expecting to attain a capital injection of R13 billion over three years.
As part of it's five year plan, the struggling national airline said on Wednesday five narrow-body aircraft would be retired from its fleet by December, causing an overall flights reduction of 23%, in an effort to return to profitability.
A Special Appropriation Bill will be brought before Parliament to resolve SAA’s R6.8 billion debt that is due for repayment at month-end.
To yield positive results from the bailout, Zwane says there needs to be stability at the level of leadership.
Through history we have been changing leadership frequently and that is not good in ensuring that you have a strategy that is delivered and implemented properly.— Musa Zwane, Acting CEO
What is important is that we are able to implement strategy in terms of looking at our network, our fleet and whether the places that we fly to are profitable.— Musa Zwane, Acting CEO
He says the airline managed to break even for the first time in July and that this signals a positive outlook.
Listen here for what routes are to be cut by SAA...
This article first appeared on 702 : Beleaguered SAA to cut fleet in effort to return to profitability