South Africa cuts off funding to its state-owned airline

South African Airways has been denied any further funding by its govt owner as the carrier looks for ways to recover from the coronavirus crisis and a local form of bankruptcy protection. The airline’s administrators were told by the state to instead source cash from available resources, according to a letter they sent to affected parties April 14. “We are currently assessing the impact of this development on the business-rescue process and will communicate any decisions to be made,” they said in the letter. SAA has racked up US$1.4b in losses over the last 6 years and has depended on a series of state bailouts to keep operating. The grounding of all of its passenger flights, aside from repatriation charters, due to the coronavirus lockdown have further decimated its revenue stream. <br/>