SAA running out of cash, BRPs warn

File: South African Airways approved over 3,000 voluntary severance packages.

File: South African Airways approved over 3,000 voluntary severance packages.

AFP/Bruce Bennett

JOHANNESBURG - SAA needs money, and they need it by next week.

The airline's business rescue practitioners say its fast running out of cash to carry on with the rescue process.

READ: Government receives 10 offers for SAA, subsidiaries

They say there is little money left to continue operations.

R10.1-billion is needed to save the airline and R2.2-billion of that will go towards severance packages.

READ: SAA approves over 3,000 voluntary severance package

The practitioners are also still trying to finalise the termination of aircraft leases -- 33 of the 40 aircraft it leases have already been terminated.

The termination of the remaining aircraft is set to be finalised by the end of September.

Source
eNCA

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