Ethiopian Airlines in rescue talks with South African Airways -CEO
Ethiopian Airlines is in talks over the possibility of being involved in the rescue of the South African Airways (SAA), the head of the airlines Tewolde Gebremariam told Reuters on Friday.
“Some discussion is taking place between ET (Ethiopian Airlines’ International Air Transport Association (IATA) code) and the South African Public Enterprises Ministry,” Gebremariam said adding that, ”it is at a very initial level and part of a general overview of pan-African cooperation in the aviation world between ET and SAA.”
South African Airways has not made a profit since 2011 and has been under a form of bankruptcy protection since last year.
Creditors have approved a restructuring plan, however, the government needs to find at least 10 billion rand ($580 million) of funding for it to work.
The airline has not flown commercial passenger flights since March when the government imposed a strict lockdown to contain COVID-19.
The Ethiopian Airlines lost $1 billion in revenue from January to September because of the coronavirus pandemic, the airline said on Friday.