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Real Economy News in Real Time
R/€ = 16.16 Change: -0.01
R/$ = 14.87 Change: -0.01
Au 1571.14 $/oz Change: 8.84
Pt 965.02 $/oz Change: -1.77
 
 
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Flight Centre resumes sales of SAA tickets

14th February 2020 BY: Bloomberg

Flight Centre Travel Group, one of South Africa’s largest booking companies, said it will lift a moratorium on sales of the national airline’s tickets that it imposed in November because of concerns over its solvency.

Travel Insurance Consultants, Flight Centre’s preferred insurer, reinstated insolvency cover for South African Airways, enabling the retailer to resume ticket sales, Andrew Stark, its managing director for the Middle East and Africa said in an emailed statement on Friday.

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The embattled airline was placed under a local form of bankruptcy protection in December in a bid to restore it to profitability and wean it off state bailouts. The nation’s labor court on Friday dismissed an application by unions to stop the administrators from cutting jobs after they announced that they will cut eight international routes and end all domestic flights aside from those between Cape Town and Johannesburg. 

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EDITED BY: Bloomberg
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