South African Airways Gets Interim CEO, Seeks Fresh Funds

Ailing state-owned South African Airways (SAA) has appointed its head of operations, Zuks Ramasia, as its acting chief executive.

The firm’s board said this on Friday at a news conference in Johannesburg.

It said that the appointment followed the abrupt resignation last week of Vuyani Jarana after less than two years on the job.

SAA has not made a profit since 2011.

The board said that the airline had a five-year turnaround plan that included:  slashing costs and cancelling unprofitable routes.

It also added that it would require a 21.7 billion rand (about 1.5 billion dollars) cash injection from the government.

The board said that the airline also had approached three additional lenders for loan to meet its operating costs.

It added that the SAA was still negotiating with its existing lenders to extend the maturities of its debt that would be due soon. [NAN]