Bailout delay leaves South African Airways on brink of collapse
South African Airways said “time is of the essence” for the govt to provide a pledged cash injection if the loss-making carrier is to continue flying. The National Treasury agreed last month to give the airline ZAR2b (US$140m) as part of the terms of its bankruptcy protection, but has yet to follow through. SAA canceled 38 flights this week to save money and warned that further cuts may be in the offing. “We are awake to the fact that the money we need will serve as working capital and that time is of the essence,” A SAA spokesman said Thursday. “While we do not sit with cash in hand, we remain optimistic that there will be a favourable outcome.” Finance minister Tito Mboweni said the National Treasury is “working feverishly” to source the ZAR2b. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-01-24/star/bailout-delay-leaves-south-african-airways-on-brink-of-collapse
https://portal.staralliance.com/cms/logo.png
Bailout delay leaves South African Airways on brink of collapse
South African Airways said “time is of the essence” for the govt to provide a pledged cash injection if the loss-making carrier is to continue flying. The National Treasury agreed last month to give the airline ZAR2b (US$140m) as part of the terms of its bankruptcy protection, but has yet to follow through. SAA canceled 38 flights this week to save money and warned that further cuts may be in the offing. “We are awake to the fact that the money we need will serve as working capital and that time is of the essence,” A SAA spokesman said Thursday. “While we do not sit with cash in hand, we remain optimistic that there will be a favourable outcome.” Finance minister Tito Mboweni said the National Treasury is “working feverishly” to source the ZAR2b. <br/>
