SAA bankrupt - again
According to today's Business Day, SAA's CFO says the airline's
debt exceeds its equity by 10%. That means it is bankrupt.
And how soon does this come after the last bailout of a billion or so?
I think it was last year, at the most the year before. And says the chief bean counter, SAA needs another hand out.
Yesterday SAA ran an advert in the same paper along the lines of "See how far we've come in the last 75 years". Yeah, right. The airline is in the worst state it has ever been in the last 75 years. It is time SAA was privatised and taxpayers relieved of this millstone.