South African Airways placed under care and maintenance

The administrators of South Africa’s insolvent national airline have placed it under care and maintenance, suspending all of its operations, while they wait for the government to come up with the 10.5 billion rand ($620 million) it promised to raise.

“There has been certain progress throughout the previous week in relation to the securing of funding,” the administrators said in a notice to creditors. “Certain funders” have indicated a willingness to provide a portion of the funding subject to conditions, the administrators said, without identifying the funders of disclosing the conditions.

If the funding doesn’t materialize the administrators will decide within the next week whether to sell the business, its assets or liquidate it, they said.