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SA Express hopeful for R200m bailout from Treasury

Acsa lifted its three-day suspension of the airline on Friday after it made a partial payment on its R71 million debt.

An SA Express airplane. Picture: Supplied

JOHANNESBURG – South African Express is hopeful Treasury will issue it a R200 million guarantee.

Acsa lifted its three-day suspension of the airline on Friday after it made a partial payment on its R71 million debt.

Now it needs a Treasury guarantee to access more funding to keep it airborne. SA Express was granted a R1.2 billion guarantee but that was swallowed by historic debt.

They have now secured a R300 million facility from the banks but need a R200 million guarantee from Treasury to put it in use.

Deputy Public Enterprises Minister Phumulo Masualle told Parliament this week that he hoped for a response from government by Saturday.

SA Express interim CEO Siza Mzimela said they had received communication from Treasury through public enterprises.

“We have received a positive response from the shareholders in the department. The support is not geared only to assist with the debt, but it will ensure that the airline will be sustainable.”

Mzimela made it clear that the facility from the banks would not settle SA Express’ debt to various companies but would keep it operational.

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