Of course SAA is not going to close, for the reasons everyone knows and stated above. WHat will happen is that SAA will continue to change T&Cs as it slowly catches up with the rest of the world.
Even if SAA were to close - then a MkII would appear in the form of someone buying out the operation. Yes, many things would change but not all of the jobs would go. Look at SABENA/SN and Swiss Air/SWISS to see what happens under those circumstances.