From news24.com
"Johannesburg - South African Airways (SAA) has asked the government for a recapitalisation of about R6bn to fund operational costs, growth strategy and fleet renewal, according to a report on Wednesday.
The requested funds would be in addition to the R1.3bn subordinated loan SAA already had from the government, Business Day reported.
It also included the company's R1.6bn "going concern" guarantee it obtained to underpin its money requirements after the auditor general raised concern last year about its ability to generate cash to fund operations.
"This year we will have to go through the same process and the guarantee required will probably be higher," SAA chief financial officer Wolf Meyer was quoted as saying. He was addressing parliament's public enterprises committee on Tuesday.
Meyer said SAA's weak balance sheet would also have to be fixed if it was going to finance growth and fleet renewal, the newspaper reported."
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I have to say, I really do not see how the HELL the SAA pilots can justify their inflated salaries and R100k+ bonuses. If your company is not making money, time to cut costs, streamline it and make it more efficient, not run to the bloody government every year with your begging bowl.
What makes it all stick in the craw even more is the arrogant attitude of, well, hell, let me just call a spade a spade and say MOST of the pilots there.
If I worked there, for a company that cannot turn a profit even though it has a virtual monopoly, quite frankly I would be ashamed to try and justify my salary.
What a crock of
Bah.