South African Airways is solvent. Now it needs a plan to fly
South African Airways administrators are preparing to wrap up work on the dormant state airline after more than 15 months, yet questions over its future viability remain as the Covid-19 crisis depresses demand. SAA is close to being “both solvent and liquid,” with remaining issues including outstanding employee payments and the appointment of a receiver to take over financial management likely to be resolved this month, a team of business-rescue experts led by Siviwe Dongwana said in an update. While the carrier has cut almost 80% of its workforce and reduced liabilities to 2.6b rand ($177m) from 38b rand after deals with creditors and lessors, there’s no indication of an imminent return to flying. Global air traffic is expected to remain depressed for years, and even relatively strong airlines remain dependent on governments and shareholders for help. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2021-03-23/star/south-african-airways-is-solvent-now-it-needs-a-plan-to-fly
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South African Airways is solvent. Now it needs a plan to fly
South African Airways administrators are preparing to wrap up work on the dormant state airline after more than 15 months, yet questions over its future viability remain as the Covid-19 crisis depresses demand. SAA is close to being “both solvent and liquid,” with remaining issues including outstanding employee payments and the appointment of a receiver to take over financial management likely to be resolved this month, a team of business-rescue experts led by Siviwe Dongwana said in an update. While the carrier has cut almost 80% of its workforce and reduced liabilities to 2.6b rand ($177m) from 38b rand after deals with creditors and lessors, there’s no indication of an imminent return to flying. Global air traffic is expected to remain depressed for years, and even relatively strong airlines remain dependent on governments and shareholders for help. <br/>
