State-owned SAA’s longstanding frailties have been exacerbated by the COVID-19 pandemic, which has pushed even previously profitable airlines into financial distress.
Rescue efforts have been the subject of fierce wrangling between the government, which wants SAA retained as a national asset, and the administrators who took over the airline in December after almost a decade of financial losses. The Public Enterprises Ministry said in a statement that it would assess the plan and that it wanted to see “a competitive, viable and sustainable national airline”. The Finance Ministry, which has authority over funding, did not respond to a request for comment on a public holiday.
A projected income statement showed SAA making losses of more than 6 billion rand over the next three years.
South Africa used to provide electricity for itself and surrounding countries ..... now they can’t keep the lights on..... chaotic
Some airlines were already struggling before the pandemic & shouldn't use it as a reason for their financial woes.
Peanuts compared to Lufthansa! COVID19 COVID Covid_19 coronavirus
Shouldn’t they have been saving for a rainy day?
what about the star alliance? are there protections within their organization?
😳
This national careers have found a way for fleecing the government lots of cash. KenyaAirways is another one. It suffers perennial chronic loss syndrome
Another Parastatal that wont get anywhere as unions wont let them get rid of dead weight. Eskom etc
And?
That's not 'news' ALL the parastatals rely on annual bailouts from the government so much I'm sure they actually 'budget' just how much they plan to steal from the taxpayers each year! It's beyond incompetent management and has become blatant theft!
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