South Africa’s flag carrier is on the brink of a financial collapse.
South African Airways claims it suffered a sudden spike in losses after a recent strike. If the airline cannot secure $135 million (2 billion Rands) in the next few days, they may have to file for liquidation.
The airline has already agreed to repay a debt of $624 million or 9.2 billion Rands over the next three years.
A member of SAA’s board says:
SAA competes in a cut-throat industry with razor-thin margins. There are 50 airlines serving South Africa.
So… good luck to the airline. They just took delivery of three beautiful A350s in a modified livery. Would be a shame to see them go.