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South African Airways has postponed its bond issue in favour of borrowing R1.5 billion from two banks.
The airline's chief financial officer, Wolf Meyer told Business Day this was until the Cabinet adopted the airline's turnaround plans.
The R1.5 billion was working capital to keep operations running while SAA grappled with high fuel prices and its loss-making, long-haul business in a highly competitive market.
SAA had used a R5b state guarantee extended to it last year to secure the loan.
It would repay the loan once it had gone ahead with its bond issue.
