South African Airways Lays Out Its Cash Needs

South African Airways is in talks with its existing banks, new lenders and the government. But talking won’t pay off 12.7 billion rand ($842 million) of imminently maturing debt.

The stricken state-owned carrier called a media briefing on Friday to “give assurances to stakeholders about the airline currently and into the future” following the surprise departure of Chief Executive Officer Vuyani Jarana last week. In his four-page resignation letter, Jarana raised grave concerns about SAA’s finances, most notably that a 3.5 billion-rand bridge facility will run out this month.