South African Airways puts $1 billion debt restructuring on hold

JOHANNESBURG: South African Airways (SAA) said on Sunday it had put on hold a deal to restructure 15 billion rand ($1 billion) of debt after questions were raised about the awarding of the work.

Local media reported this month that the board of SAA went against the advice of its own treasury by agreeing to pay boutique financier BnP Capital a 256 million rand ($17.56 million) success fee to advise the airline on debt restructuring and fund raising without putting the contract out to tender.