South African Airways cash injection imminent but says it needs more
Cash-strapped SAA says a govt cash injection of ZAR5.5b (US$376m)approved for the 2019/20 financial year is expected at the end of the month but it still needs more money, a presentation to lawmakers showed Wednesday. SAA has debt of about ZAR12.7b, consisting of ZAR9.2b of legacy debt and a ZAR3.5b working capital facility provided by banks. The airline requires ZAR2b by December to fund working capital for its 2019/20 financial year, the presentation said. SAA, the turnaround strategy of which has been stymied by mismanagement and inability to service its debt in an increasingly competitive aviation environment, also received a ZAR5b govt bailout in its 2018/19 financial year. The carrier’s long-term strategy is based on an equity injection of nearly ZAR22b. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-09-19/star/south-african-airways-cash-injection-imminent-but-says-it-needs-more
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South African Airways cash injection imminent but says it needs more
Cash-strapped SAA says a govt cash injection of ZAR5.5b (US$376m)approved for the 2019/20 financial year is expected at the end of the month but it still needs more money, a presentation to lawmakers showed Wednesday. SAA has debt of about ZAR12.7b, consisting of ZAR9.2b of legacy debt and a ZAR3.5b working capital facility provided by banks. The airline requires ZAR2b by December to fund working capital for its 2019/20 financial year, the presentation said. SAA, the turnaround strategy of which has been stymied by mismanagement and inability to service its debt in an increasingly competitive aviation environment, also received a ZAR5b govt bailout in its 2018/19 financial year. The carrier’s long-term strategy is based on an equity injection of nearly ZAR22b. <br/>
