Strike pushes South African Airways to brink of collapse
South African Airways has nearly no cash left and may miss salary payments this month, a board member said Wednesday, as a crippling 6-day strike has pushed the airline to the brink of financial collapse. The standoff between SAA and 2 of its largest unions over wages and job cuts is a critical test of president Cyril Ramaphosa's pledge to fix ailing state firms. But the govt has few easy options to rescue SAA. The airline has received more than US$1.35b in bailouts over the past 3 years and is hobbled by an unprofitable routes and a fleet of inefficient planes. Officials have said they want to stabilise SAA before selling an equity stake. But the rapidity of SAA's financial slide and ballooning state budget deficits mean the govt's commitment to salvaging the airline is being sorely tested. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-11-21/star/strike-pushes-south-african-airways-to-brink-of-collapse
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Strike pushes South African Airways to brink of collapse
South African Airways has nearly no cash left and may miss salary payments this month, a board member said Wednesday, as a crippling 6-day strike has pushed the airline to the brink of financial collapse. The standoff between SAA and 2 of its largest unions over wages and job cuts is a critical test of president Cyril Ramaphosa's pledge to fix ailing state firms. But the govt has few easy options to rescue SAA. The airline has received more than US$1.35b in bailouts over the past 3 years and is hobbled by an unprofitable routes and a fleet of inefficient planes. Officials have said they want to stabilise SAA before selling an equity stake. But the rapidity of SAA's financial slide and ballooning state budget deficits mean the govt's commitment to salvaging the airline is being sorely tested. <br/>
