South African airways is on the brink of bankruptcy and may cease operations in the following weeks according to Citypress. Citypress also states that South African airways are “technically bankrupt” and therefore they won’t publish financial reports for the 2017/18 period to the parliament although it is required by law.
Additionally banks have refused any additional loans after debts reached to R15bn by the end of July this year! The company is set to record a loss of 6 billion rand ($419 million) at the end of the current financial year.
Management is looking to sell its catering unit, Air Chefs, and they are also considering outsourcing or selling SAA cargo the Johannesburg based paper reported.
Let’s all wish them best of luck and hope they don’t go out of business!