Treasury is struggling to fund SAA bailout

Bradley Prior

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Treasury is struggling to fund SAA bailout

South Africa’s National Treasury is trying to find additional funding for the embattled state airline ahead of a Jan. 19 deadline, Finance Minister Tito Mboweni said at a briefing in Johannesburg on Thursday.

“The National Treasury has provided financial support to the best of our abilities,” Mboweni said. [Bloomberg]
 

Pineapple Smurf

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Haha, only the one on top of the fridge labelled "PIC" is still gathering dust. But their beady eyes can't look away.
in 26 years the ANC has successfully stolen from every single cookie jar, not even crumbs left.
poor Julius is going to have nothing when he comes into power oneday
 

dstvnothingon

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SAA Hasn't flown 747s since 2004, am I the only person thats gets mildly irritated by the fact that everyone is still using the same Stock Photo?
 

ToxicBunny

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SAA Hasn't flown 747s since 2004, am I the only person thats gets mildly irritated by the fact that everyone is still using the same Stock Photo?

Of course.. I would much prefer it if they used this stock photo of SAA

ec38503cb4036711867b521b65367593-screenshot_23.jpg
 

supersunbird

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Treasury is struggling to fund SAA bailout

South Africa’s National Treasury is trying to find additional funding for the embattled state airline ahead of a Jan. 19 deadline, Finance Minister Tito Mboweni said at a briefing in Johannesburg on Thursday.

“The National Treasury has provided financial support to the best of our abilities,” Mboweni said. [Bloomberg]

The saying about running out of other peoples money doesn't seem so silly now, does it? @noxibox
 

Happy Days

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Isn't there a cross-default clause that will trigger payment of all the other government guarantees, should SAA go into liquidation? :unsure:
 

Marcan

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For the love of god, just take the hit and close it down. Recoup what you can by selling the assets.
SAA hardly had any assets to speak of over the last 15 years or so. They sold most of their planes, they lease most of them. They have around R27 B in debts, received something like R 50 B in bailouts over the last 25 years, lose more than R 500 m a MONTH !
Would they have been a full private enterprise, they would have been closed ages ago.
It is not a National Carrier, but one of our national shames. One of our many bottomless pits for tax money.
 

grok

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They wouldn't struggle so much if they just did their jobs instead of stealing.

We could never be equal if people like Dude Myeni isn't held accountable for what she did.
 

Gaz{M}

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Isn't there a cross-default clause that will trigger payment of all the other government guarantees, should SAA go into liquidation? :unsure:

Technically, yes, but banks and lenders are not stupid. They know this will kill the country. So there will be some payoff negotiations and plans to settle all debts.

I say what's another R30 Billion on the taxpayer's tab. It's half an Eskom bailout. Let's all suffer for one more year and then be free of this thing that consumes us.
 
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