SAA ‘running out of cash’

SAA needs money, and they need it by next week.

The airline’s business rescue practitioners say its fast running out of cash to carry on with the rescue process.

They say there is little money left to continue operations.

R10.1-billion is needed to save the airline and R2.2-billion of that will go towards severance packages.

The practitioners are also still trying to finalise the termination of aircraft leases — 33 of the 40 aircraft it leases have already been terminated.

The termination of the remaining aircraft is set to be finalised by the end of September.

OFM News