The Hapless and helpless South African national carrier struggles for survival and desperately awaits news on a state cash injection vital to stay in the skies.
The South African Airways (SAA) which has been around for 8 years is battling with its ageing fleet together with a weak currency.
“It’s not a secret that our balance sheet is very weak,” chief financial officer Wolf Meyer admitted.
“There are currently discussions with the national Treasury, we hope that we get good news soon on the capitalisation,” he said.
Finance Minister Pravin Gordhan is expected explain plans to save the airline when he presents the budget in parliament this month.
The South African government has extended a two-year guarantee of five million rands ($444 million, 329 million euros) issued in 2012 in exchange for a vast restructuring.
“Government needs to stop throwing good money at a bad problem,” the party said last week. “We simply cannot continue with ‘business as usual’ any longer.”
SAA is member of the Star Alliance group, is building a name for itself, Meyer said.
“We are very proud of our Africa growth strategy, it’s really working well,” he said.
“There is an urgent need for SAA to replace its long haul fleet,” said Meyer, adding that the public enterprises minister wanted the acquisitions to benefit more local companies.
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