Guys, believe me. I have been a lawyer for about 37 years - SAA is insolvent - not bankrupt (the expression is a not used in SA Law). Insolvency is a simple matter of whether your liabilities exceed your assets. This is a ground for winding a company.
Inability to pay your debts on its own is also a ground for a winding up - even where your assets exceed your liabilites. The fact that is is a para-statal is irrelevant. If the shareholder (the Govt) decides to abandon SAA then that would be the end.
Sorry for the legalese but had to correct a few things.
The comment that is probably most accurate is that SAA desperately needs an experienced hard-nosed CEO to guide it through the next few years. It is interesting to see that Mr Colin Viljoen has managed to put SAA engineering back in the FAA good books. Someone like him who understands the airlines might be the answer.
Last edited by davidash; 21st Feb 2009 at 04:58.