The European Business Council for Africa

South Africa’s government will need to cough up at least $580m in new bailout funding for its failing national carrier South African Airways by July 15, according to details of the latest rescue effort for the carrier released this week.

This is in addition to around $940m already set aside to cover spiralling debt costs and a restructuring plan for the airline, which was placed into ‘business rescue’ - i.e. bankruptcy protection - in December.

The airline has not made a profit since 2012, notching up an estimated $1.6bn in losses in the last 13 years, and has already cost state coffers an estimated $950m in bailouts over the last decade. Additional losses of $345m are projected over the next three years.

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