star

South African Airways seeks urgent funding after latest loss

South African Airways said executives will meet National Treasury officials every two weeks to address urgent funding needs after the embattled national airline reported a seventh consecutive year of losses -- and the worst since 2015. The carrier’s precarious balance sheet is among the most urgent tasks on the to-do list of Finance Minister Nhlanhla Nene. SAA CEO Vuyani Jarana said last month the airline needs 5b rand ($401m) immediately, while looming debt payments next year may necessitate further government assistance. A so-called oversight forum has been set up between SAA and the Treasury that will also address the airline’s ownership structure, the carrier said Wednesday. Interim CFO Bob Head is working to properly value assets including aircraft, property and equipment, a task he’s expected to complete this month, while an analysis of irregular expenditure under previous management including suspended CFO Phumeza Nhantsi should be completed by September. SAA said it plans to break even by 2021. <br/>