SA is looking to raise about $400m from the sale of a stake in its bankrupt national airline, according to people familiar with the situation, a plan likely to lower the chances of finding a partner to aid its revival.
The Treasury referred questions to the department of public enterprises, which did not respond to requests for comment. Ethiopian is still interested in SAA “but the process is slow as it is complex,” the CEO said in a response to queries last week. The department is in talks with Fairfax Africa about a stake in the airline, the Financial Mail reports, without saying how it got the information.SAA has been unprofitable for almost a decade, surviving on state bailouts and government debt guarantees, and was placed under administration a year ago.
Source: Financial Digest (financialdigest.net)
The debt is too high