The situation of the South African Airways carrier
Financial crisis, rescue blocked by the pandemic, relaunch, no liquidation
The South African Airways (SAA) faces a serious financial crisis; the rescue is compromised by the pandemic period which has effectively blocked most flights since last March 26. The crisis period, already prior to Covid-19, was in the process of being restored and a rescue plan was ready, but the latest uncertainties due to the coronavirus have neutralized all the efforts proposed to the government to raise the airline. Les Matuson and Siviwe Dongwana, SAA's top managers, will attempt to extend the statutory deadlines to advance a new recovery plan; the working table will start from June 1st. Every effort will be made to ensure a rescue plan to be presented to all creditors and to avoid a devastating liquidation.
The airline has historical roots: founded in 1934, it is the flag carrier of South Africa. It is based in Johannesburg and its main hub is in Cape Town. It operates nationally, internationally and intercontinentally, mainly by Airbus family aircraft.
AVIONEWS - World Aeronautical Press Agency