Home / MTN TV / South African Airways ‘is on verge of bankruptcy’

South African Airways ‘is on verge of bankruptcy’

It is thought the national carrier may soon be unable to pay salaries.

The cash-flow statement shown to MPs and seen by the BBC paints a picture of an airline haemorrhaging cash.

It says that matters may improve by October, but only if it gets a 792m-rand (£45m) bailout from the government.

Even then, the situation is expected to deteriorate again by December with a forecast cash outflow in that month of £38m.

The airline has lost money in each of the past seven years. Acting chief executive Musa Zwane, who has led the company for the last 18 months, has been trying to put together a recovery plan since January.

About admin

Check Also

Niger coup update: Gunfire near presidential palace Naimey as soldiers attempt coup

A military unit attempted to seize the presidential palace in Niger’s capital, according to the ...