Economics
South African Airways in Limbo as State Considers Bailout
- Carrier still unable to finalize latest financial statements
- Airline made 5.42 billion rand loss in 2018 fiscal year
Photographer: Bruce Bennett/Getty Images
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South African Airways said it’s waiting for the government to tell it whether it will provide the national carrier with the money needed to keep flying, rendering it unable to publish its results for the year through March.
“SAA cannot finalize its annual financial statements within the prescribed time until the going concern status is confirmed,” the carrier said in a document submitted to lawmakers on Monday and circulated by the main opposition Democratic Alliance. To do this SAA would require additional equity or loan guarantees, which the government hasn’t committed to giving, it said.