South African Airways (SAA) has revealed itself to be the most diabolically run company in the country.
In less than two months, the airline has to pay back R6.8bn worth of debt. It has no cash to settle this and is bleeding more cash at an alarming rate.
It is hoping lenders will roll the debt over into new loans, but Standard Chartered refused in July to extend a R2.2bn loan and others may do the same.