South Africa’s national airline needs 13 billion rand to avert crisis
South Africa’s state-owned airliner says it will face a liquidity crisis if it does not receive a 13 billion rand (976 million dollars) cash injection from the Treasury to meet its debt obligations and cover operating costs, it said on Friday.
South African Airways (SAA) said in a financial plan presented to parliament that its modelling showed it was not generating enough cash.
However, it said that it would turn a profit by 2019 on an EBITDA basis.
The airline also said debt maturities had been negotiated and extended to the end of September this year.