Johannesburg - South African Airways has saved enough cash to pay January salaries, specialists appointed to try to turn around the struggling airline said on Friday.
State-owned SAA is fighting for its survival after it entered a form of bankruptcy protection last month and cancelled some flights this week because of cash shortages. "The business rescue practitioners and management have taken various actions to ensure that cash is conserved. As a result we have sufficient funds to pay January salaries," business rescue specialists Les Matuson and Siviwe Dongwana said in a statement.
Matuson and Dongwana were promised R4 billion of funding from lenders and the government to sustain rescue efforts for SAA but only received the 2 billion rand from lenders. Government officials are holding urgent meetings, trying to find a way to raise the promised funding for SAA quickly without exacerbating the country's budget deficit.
I don't see why they require another specialist.The cheaper service-Mango Airlines is fully operational with no bailouts. Bring down the cost of your damn flights which will bring you into the game and you bond to start turning.
Can't keep flights in the sky,can't suppy reliable electricity,water is limited to some areas,trains forever late,i just wonder what did we do to deserve this
Will that include the recent increases that NUMSA was crying for?
...so, by cancelling some local and overseas flights, SAA saved enough to pay its staff's January salaries? ...just imagine how much it could save if it cancelled all its flights, forever...oh, wait, it doesn't work like that, does it..? ...or does it..? BailingOutNow
I suppose now they want a bonus for saving cash?
Hope they got enough money to fly our troops to USA to defend 'one bullet, one american'... all our military planes are fucked.. one still waiting for repairs in Congo..
kunzima e mzansi
Lol..Lies has short legs..what exactly did they do? 🤦🏾♀️🤦🏾♀️..they did absolutely Jerk🤣🤣...Then what is the role of Chief Restructuring Officer? Oops, how can I forget our taxes are paying for his hospital bills in UK..,so we are paying him while he is lying in hospital 🤦🏾♀️
What about money for servicing the planes?
The Zuma inspired pillaging sure screwed this national asset .. and still no one is in jail ..
SAA, pay the maintenance people first! They got spares to sell to make up their salary 🙄
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