U.S. markets close in 2 hours 19 minutes

South African Airways administrators propose restructuring plan

JOHANNESBURG, June 16 (Reuters) - Administrators at state-owned South African Airways (SAA) proposed a restructuring plan for the cash-strapped airline on Tuesday, saying the government would have to find more than 10 billion rand ($579.47 million) of new money for it to work.

The administrators took over SAA in December, when the airline entered a local form of bankruptcy protection after almost a decade of financial losses. ($1 = 17.2571 rand) (Reporting by Alexander Winning; Editing by Emma Rumney)