How is the sorry saga of SAA going to end? We are stuck in an Alice in Wonderland that company law writers could never have predicted, with a party repeatedly promising cash and failing to deliver, but creditors stuck with nothing to lose in waiting and hoping. Meantime, the business rescue drifts on, burning cash as it goes.

Creditors are meeting again this week to decide what to do after the government missed yet another deadline last week to arrange financing for the airline. A cabinet meeting is also supposedly going to come to final decisions on how to fund the rebirth of the airline. It has already promised R10.3bn to cover liabilities incurred and must inject more to finance its rebirth...

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