SAA’s financial troubles sound like the same old story, but they are not. They are worse than ever before.

SAA is essentially in default. It has a R3.5bn loan due, supposed to have been repaid in March, which it has no way of doing. Only the government can bail it out, which it will have to do. But even for that the lenders must wait until parliament reconvenes and passes the Appropriation Bill, so that the money can legally flow from the Treasury...

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