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Embattled National Carrier gets R3.5bn lifeline from Development Bank

SA Airways (SAA) has secured R3.5bn in funding from the Development Bank of Southern Africa. “Discussions held with financial institutions have been fruitful,” joint SAA business rescue practitioners Les Matuson and Siviwe Dongwana said in a statement on Tuesday. The Read More …

Cash-strapped SAA cancels 38 domestic and international flights

SAA has confirmed its cancellation of 38 domestic and international flights between OR Tambo International Airport and Cape Town, as well as between Johannesburg and Durban’s King Shaka airports. In a statement, the airline said: “These decisions are in line Read More …

Government of Zimbabwe owes SAA R880 million

SA Airways is likely to lose a lot of money due to Zimbabwe’s default and disputes. According to the latest information, Zimbabwe are only willing to pay 5% of the R880m SAA claims the Zimbabwe government owes. The amount is Read More …

SAA’S business rescue position – Bankrupt SOE will be restructured,no further bailouts to be handed out – Are their wings finally cut?

Minister Pravin Gordhan’s stance at a board meeting of the bankrupt SA Airways has sent shock waves, the councilors as well as the shipping company’s worker are totally stunned by the so-called “business rescue position” that will be exercised without any Read More …

Pravin Gordhan says cash-strapped SAA may have no money for salaries this month

Minister of Public Enterprises Pravin Gordhan has warned that, while two unions at SAA are demanding salary increases for members, the airline might not even be able to pay any salaries at the end of the month. The minister was Read More …

SAA strike costing R52 million a day and with a bankruptcy record it could mean the end of the entity

More than 3000 workers affiliated with Numsa and Sacca downed tools at SAA on Friday over a wage dispute and plans to cut more than 900 jobs, costing the airline about R52 million a day. The interim chief financial officer Read More …

How much taxpayers money has been thrown into SAA’s black hole to stay afloat?

Billions and billions have been thrown at The South African Airways (SAA), but the airline don’t have much to show for it. It’s hard to recall a time when the limpest of all our state-owned entities was successful on its Read More …

Can you believe this, the SAA requests R4bn government bailout, their ‘wings’ needs to be clipped NOW

JOHANNESBURG – South African Airways (SAA) appointed its head of operations as acting chief executive on Friday and said it needs R4-billion from the government to survive the current financial year and allow it to renegotiate loan terms with banks. Read More …

SA taxpayers to fund yet another government bailout – Cash-strapped SAA requests R4bn to survive current financial year after years of mismanagement and corruption

South African Airways (SAA) appointed its head of operations as acting chief executive on Friday and said it needs R4-billion from the government to survive the current financial year and allow it to renegotiate loan terms with banks. Zukisa Ramasia Read More …