{"id":273259,"date":"2018-09-23T07:48:21","date_gmt":"2018-09-23T05:48:21","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=273259"},"modified":"2018-09-23T07:48:21","modified_gmt":"2018-09-23T05:48:21","slug":"saa-is-technically-bankrupt-and-bleeding-cash-report","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/273259\/saa-is-technically-bankrupt-and-bleeding-cash-report\/","title":{"rendered":"SAA is technically bankrupt &#8211; and bleeding cash: report"},"content":{"rendered":"<p>South African Airways will not present any financial results for the 2017\/18 year because it&#8217;s technically bankrupt, and continues to burn through cash, according to a report by the <strong><a href=\"https:\/\/www.news24.com\/SouthAfrica\/News\/saa-bleeds-cash-20180922\">City Press<\/a><\/strong>.<\/p>\n<p>The paper reported that the group&#8217;s debt has ballooned to R28 billion, while it only has assets to the value of R13 billion, while its monthly costs are between R350 million and R450 million.<\/p>\n<p>Sources told the paper that the airline is now considering selling off some of its businesses to help raise funds, as the banks will not longer lend it money.<\/p>\n<p>Having already received over R19 billion in government bailouts, it is said the airline will need another R22 billion in bailouts between now and 2021.<\/p>\n<p>A report on a turnaround strategy for the company says that it is salvageable, but requires drastic action. The same report placed much of the blame for SAA&#8217;s situation at the feet of its previous board &#8211; and former chair, Dudu Myeni, in particular.<\/p>\n<p>It said that there was rampant corruption under her watch.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/mobile\/266083\/saa-launches-app-for-employees-as-it-denies-blocking-access-to-negative-stories-about-the-company\/\" rel=\"bookmark\">SAA launches app for employees \u2013 as it denies blocking access to negative stories about the company<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South African Airways will not present any financial results for the 2017\/18 year because it&#8217;s technically bankrupt, and continues to burn through cash, according to a report by the City Press.<\/p>\n","protected":false},"author":10,"featured_media":107629,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-273259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/273259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=273259"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/273259\/revisions"}],"predecessor-version":[{"id":273263,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/273259\/revisions\/273263"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/107629"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=273259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=273259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=273259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}