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 …
Desperate times calls for desperate measures, but is this the right thing to do? After all financial losses occurred due to incompetence, negligence and corruption – SAA is borrowing R3.5bn from local banks
South African Airways (SAA) received a R3.5bn loan to keep it going until the end of March. This forms part of the R21,7 billion SA management believes is needs to make its turnaround strategy succeed. SAA spokesperson Tlali Tlali confirmed Read More …
Fraud and theft behind SAA bankruptcy – SAA’s debt is currently R15 billion more than its assets, and banks will no longer lend the airline any money
While the airline is required to present its financials by the end of the month, it cannot do so as it’s technically bankrupt. A report in The City Press on Sunday documents the massive financial problems of state-owned airline South Read More …
Cash strapped state airline SAA goes on spending spree
Struggling state airline SAA is splurging millions on executives and consulting firms in a spending frenzy that has been described as “worrying”.
Its recently appointed chief executive, Vuyani Jarana, has said the increased expenditure is necessary to address a severe skills shortage.
The Mail & Guardian has established that SAA, which last week received yet another R5‑billion bailout from the treasury, is paying R25‑million to Deutsche Bank in a deal to analyse its financials and restructure its debt.