SAA calls on state for swift decision on future financial support
The national carrier requested R21.7bn from the government in 2018 but was provided only R5bn
SAA, which has secured the R3.5bn it required from banks to continue financing working-capital requirements until June, has urged the government to make a speedy decision on future financial support.
The cash-strapped airline requested R21.7bn from the government in 2018 to recapitalise its balance sheet and provide working capital. This forms part of its three-year turnaround plan, which it said would see it break even by the 2020/2021 financial year. It suffered a R5.7bn loss in 2017/2018 and expects to lose another R5.2bn in the current financial year.
If you are already a subscriber, please click on the following link to go to the full article: SAA lands R3.5bn to stay afloat until June