South Africa Misses Deadline to Bail Out SAA

rpm

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Government misses SAA bailout deadline

The South African government said it’s working on solutions for the national airline after failing to pay 2 billion rand ($138 million) in funding by a Sunday deadline.

President Cyril Ramaphosa’s government said it continues to work with South African Airways’ lenders and business rescue practitioners, “with the primary goal of bringing out of this process a restructured, modern airline.”
 
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Sarg3_ZN

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Must be tough. For government, bail out the SOE's or keep the gravy train rolling full steam ahead.
 

quovadis

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Hopefully taking a hardline may create some goodwill with the one rating agency who still considers us still investment grade albeit with a negative outlook.
 

Bryn

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Seriously, who flies SAA? I'd sooner find alternative transport than step foot on one of their planes.
 

ambroseg1

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Seriously, who flies SAA? I'd sooner find alternative transport than step foot on one of their planes.
Government officials and politicians. Its policy. Cannot fly another airline even if it's a million times cheaper.
 

Bryn

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Government officials and politicians. Its policy. Cannot fly another airline even if it's a million times cheaper.
Lol shem. You'd think the creaking and groaning of the planes would inspire them to ensure SAA is properly managed.
 

Tharaxis

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So let's get this right, private lenders agree to giving SAA R2 billion in loans to keep it afloat with the agreement being that government was going to do the same and now government has seemingly reneged on the deal after SAA has essentially spent the money? If I was one of those private lenders I'd be mighty pissed and demanding my money back with immediate effect.
 

Magnum

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So let's get this right, private lenders agree to giving SAA R2 billion in loans to keep it afloat with the agreement being that government was going to do the same and now government has seemingly reneged on the deal after SAA has essentially spent the money? If I was one of those private lenders I'd be mighty pissed and demanding my money back with immediate effect.
You can demand all you want. Quite a few countries have refused to repay debt. Theres nothing you can do about it.
 

krycor

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Fun times.. so a possible cross default coming. Let’s not forget eTolls need to be paid too with that decision getting pushed back.

Those wishing SA default must be drooling now.. finally showing gov where to stick it hey! until the ones with assets or families here realize they how bad this will be. Ugh if only people tried to see the bigger picture earlier.
 

The Voice

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Such a pity it's gone down the toilet. Flown SAA a handful of times and was one of the best airlines. Of course, that was about 15 years ago now. RIP.
 

Tander

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Fun times.. so a possible cross default coming. Let’s not forget eTolls need to be paid too with that decision getting pushed back.

Those wishing SA default must be drooling now.. finally showing gov where to stick it hey! until the ones with assets or families here realize they how bad this will be. Ugh if only people tried to see the bigger picture earlier.
MyBB would sooner see the whole country burn. What does it matter to them anyway?
 

Gaz{M}

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Such a pity it's gone down the toilet. Flown SAA a handful of times and was one of the best airlines. Of course, that was about 15 years ago now. RIP.
The "insides" of their planes are still as good as they were, 15 years ago. Especially the quad engined ones.
 

dgcarter

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So let's get this right, private lenders agree to giving SAA R2 billion in loans to keep it afloat with the agreement being that government was going to do the same and now government has seemingly reneged on the deal after SAA has essentially spent the money? If I was one of those private lenders I'd be mighty pissed and demanding my money back with immediate effect.
I think we all know how the "pay back the money" thing works (or doesn't).
 
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