UPDATE 1-South African Airways administrators call Friday creditor meeting

17 Sep 2020 / 18:36 H.

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    JOHANNESBURG, Sept 17 (Reuters) - Administrators at state-owned South African Airways (SAA) have called a creditor meeting for Friday as funding for the airline's restructuring has not been received as anticipated, the administrators said on Thursday.

    The creditor meeting will be convened at 11:00 local time (0900 GMT) to discuss the funding issue and the proposed future of the company, the administrators said.

    The administrators took control of SAA in December after almost a decade of financial losses and published a rescue plan in June following repeated delays and wrangling over its future.

    That plan, which envisages scaling back SAA's fleet and cutting jobs, needs at least 10 billion rand ($612 million) in new funds to work.

    The government has committed to mobilise the funding but has not said where it will come from. It said last week that a decision on funding would be announced soon.

    ($1 = 16.3462 rand) (Reporting by Alexander Winning; Editing by Olivia Kumwenda-Mtambo)

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