Whatever solution that is proposed for SAA, it has to be made under the assumption that completely corrupt people will implement it.
So closing it down and liquidating it is an option.
Selling it to a private company will result in it being sold for a fraction of what it is worth.
Closing SAA and re-opening it as Dodo airlines is going to be rife for corruption.
Ditto for simply keeping it alive.
Best option would be to declare it a "people's airline" and divide its ownership into about 31 million shares, which is the amount of adult citizens in he country. Every citizen gets a share. The shares are then listed on the JSE, with some minimum price attached to that share's first trade that is based on a fair value of SAA.
(Although there is a massive problem as SAA wouldn't be allowed to register on the JSE, so they would have to make a special exchange for bankrupt SOEs until they reach the requirements to list on the JSE.)