South African Airways to seek partner ‘immediately,’ union says

South African Airways pledged to urgently begin a search for a private-sector partner to help turn around the troubled state-owned carrier and ease the burden on an already stretched National Treasury. The assurance followed an attempt by the Solidarity union to end SAA’s reliance on state funding and push the airline into business rescue. The carrier hasn’t made a profit since 2011 and last year needed a bailout to avoid a default on borrowings. “The reality is that there is pressure to find funding solutions for SAA,” a spokesman said. “For that reason, there is a decision to commence, as soon as possible, a process for a strategic equity partner.” An investor or aviation partner has long been mooted as the answer to SAA’s financial crisis, though no candidates have yet come forward. CEO Vuyani Jarana said in April that the government was in talks with a private-equity firm, while the previous month he said the company’s balance sheet will need to be repaired before a new party could be introduced.<br/>