South African Airways clarifies recovery plan funding

South African Airways has clarified its financial position, after a series of media reports that it was seeking more govt bailouts. The carrier, which has been in financial difficulties for several years, has said in the past it is technically insolvent and has survived through a series of financial govt subventions. SAA CE Vuyani Jarana, who was brought in from the telecoms sector a year ago, aims to reach breakeven in 2021 but cash infusions are required from the govt to reach this point. Following reports in the past week that further govt funding is required, an SAA spokesman said the turnaround plan agreed between company and govt remains unchanged. SAA had agreed to a 5-year recovery program, of which breakeven by 2021 was a major milestone. <br/>