Saa bailout
SOE-bailouts fuel heated debate in Parliament
The National Assembly has on Thursday debated the financial burden of sustaining non-profitable parastatals and how government can re-appropriate funding.
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Govt ’not sure’ how to raise R10.5bn for SAA bailout
SAA is in desperate need of the multibillion-rand bailout, but the airline’s sole shareholder is still undecided on how to go about raising this money.
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SAA waiting on funds from govt to pay voluntary severance packages
The financially strapped airline has accepted over 3,000 applications from a total of 5,000 employees.
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Mboweni ducks questions from DA on where SAA’s funds will come from
Tito Mboweni was challenged by the opposition Democratic Alliance to say whether or not the government intended providing SAA with a further bailout during debate on National Treasury’s budget vote at Parliament on Thursday afternoon.
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Route cancellations ‘in the best interest of SAA’ – BRPs respond to critics
On Thursday, the rescue practitioners announced the cancellation of some international, regional and domestic routes in a bid to cut costs at the cash-strapped airline.
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Development Bank: We were under no pressure to bail out SAA
MPs wanted to know whether the DBSA had caved in to political pressure to make the R3.5 billion loan to SAA, but DBSA chief investment officer and acting CEO Paul Currie’s response was an emphatic no.
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Development Bank of Southern Africa defends R3.5bn bailout to SAA
Last week, the wholly-owned government entity has pledged the lifeline injection to the struggling national carrier.
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IMF says South Africa's economic growth weakened by bailouts
South African economic growth has slowed over the last decade. Debt has climbed rapidly as the government scrambles to plug a widening budget deficit and bail out state firms plagued by mismanagement.
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SAA gets R3.5bn emergency funding from development bank
SAA is fighting for its survival after it entered a form of bankruptcy protection in December and cancelled some flights because of cash shortages.
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SAA says flights operating normally after bailout talks stall
Government officials are scrambling to work out how they can provide R2 billion ($138 million) of funds they promised when SAA entered a form of bankruptcy protection last month.
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DA rejects plans by cash-strapped SAA to sell off some aircraft
In a notice on its website, SAA says it is putting some of its aircraft up for sale to accommodate new Airbus aircraft the company has added to its fleet.
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SAA hopeful business rescue will accelerate proposed radical restructuring
While the airline said the losses incurred during the strike were not the only factor contributing to this latest decision it did speed up the process.
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FACTBOX: The struggles of the cash-strapped SAA
Here's a brief history of the airline which was on Wednesday ordered by President Cyril Ramaphosa to enter into voluntary business rescue.
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Scopa to visit SAA's headquarters over delay in sumbitting financial statements
SAA will face tough questions from members of Parliament’s standing committee on public accounts during their oversight visit to the embattled airline’s headquarters on Thursday.
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Enough is enough! MPs want an end to SAA bailouts
The National Assembly held a debate of national importance to discuss the recent week-long strike at the struggling airline.
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SAA confirms probe of being supplied with dodgy aircraft parts under way
The national carrier said the probe was launched after it received information that some individuals, including senior executives, were involved in acts of criminality.
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SAA cash injection imminent but says it needs more
SAA has debt of about R12.7 billion, consisting of R9.2 billion of legacy debt and a R3.5 billion working capital facility provided by banks.
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All eyes on new SAA interim CEO to secure funding to pay debt
In the meantime, interim chief financial officer Deon Fredericks said the airline also approached three additional lenders, which include international funders for short-term help.
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SAA request R4bn bailout to remain afloat: board
SAA failed to make a profit since 2011 and has been operating at a loss.
