{"id":310387,"date":"2019-06-17T18:12:35","date_gmt":"2019-06-17T16:12:35","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=310387"},"modified":"2019-06-17T18:13:38","modified_gmt":"2019-06-17T16:13:38","slug":"sabc-day-zero-can-happen-tomorrow-cfo","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/broadcasting\/310387-sabc-day-zero-can-happen-tomorrow-cfo.html","title":{"rendered":"SABC Day Zero can happen tomorrow – CFO"},"content":{"rendered":"

SABC chief financial officer, Yolandi van Biljon warned that Day Zero, which can lead to a total blackout<\/strong><\/a>, can happen \u201ctomorrow\u201d if their biggest debtors stop supporting them.<\/p>\n

The SABC is facing a serious financial crisis which forced it to make a difficult decision at the end of May \u2013 pay salaries or pay municipal bills.<\/p>\n

The state broadcaster opted to pay salaries, meaning it now owes the City of Johannesburg more than R13.5 million.<\/p>\n

Apart from its municipal bills, the SABC owes Sentech R317 million and MultiChoice division SuperSport R208 million.<\/p>\n

The SABC is now looking for a R3.2 billion government guarantee to help it to raise money from lenders to stay afloat.<\/p>\n

SABC drowning in debt<\/h3>\n

Van Biljon confirmed in an SABC interview that the organisation is facing serious financial challenges because of its crippling debt of between R1.7 and R1.8 billion.<\/p>\n

This debt is due and payable, which means the SABC faces a balancing act between its various priorities, including staff salaries, critical operational requirements, and content.<\/p>\n

Van Biljon said the broadcaster’s financial situation worsened over the past few months and was aggravated by low income during this period.<\/p>\n

The R3.2 billion, if the SABC receives this money, will be used to pay its debtors, invest in content, and improving its aging infrastructure.<\/p>\n

Day Zero is close<\/h3>\n

Van Biljon said if any of the big parties which they owe large sums of money to – such as Sentech and SuperSport – demand their money, the SABC will not be able to pay salaries.<\/p>\n

She said ten institutions are owed most of the debt – around R1 billion \u2013 and the only thing keeping the SABC afloat is these companies not claiming immediate payment.<\/p>\n

“I think Day Zero can happen tomorrow. It depends if one of these big partners are unable to support us financially,\u201d said Van Biljon.<\/p>\n

She warned that the SABC can also be forced to switch off its signal and distribution network or its critical infrastructure can fail, which would lead to a total blackout.<\/p>\n