adminrand, a company spokesman said.
“All the legal documents are being finalised and we are waiting for the minister’s final approval,” chief financial officer Wolf Meyer had told Business Day newspaper earlier.
The funds, expected by yesterday, had been raised from two local banks, the newspaper reported.
The money will keep the company afloat amid the global economic downturn, high fuel prices and a leadership crisis.
Last October the South African government gave SAA an R5 billion guarantee over two years to finance a turnaround.
In April the government, the carrier’s sole owner, named a new chief executive following a rash of resignations since September last year.
Last year, the airline ran up operating losses of 1,3 billion rand for the financial year 2011-2012. — AFP.
Online Reporter