By RFIPosted on 21-01-2020Modified on 21-01-2020 at 22:06
Last month, the company was placed under the tutelage of a financial administrator to save it from bankruptcy. Not sure that this is enough for SAA, which is asking for a new bailout by the South African state.
Cancellation of nineteen flights, sale of nine planes and fifteen engines, imminent dismissal of nearly 20% of employees. South African Airways tries by all means to degrease the mammoth.
Because the national company has not recorded profits since 2011, living on a public money infusion. Worse, it was one of the theaters of corruption during the Jacob Zuma era. Its former director will also continue to run into trouble with the law next week.
South African Airways is still asking for an effort from the government , a new bailout plan of 124 million euros, while its debt is around 600 million euros.
The bailout has been promised for months, but finance minister Tito Mboweni is struggling to find the necessary funds from the treasury.
At the head of the state, it is in reality confusion. Because officially within the administration of President Ramaphosa the time is rather for the disengagement of public enterprises.
The government met with administrators of the company's financial rescue over the weekend. And once again, no compromise was found.
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