SAA technisch pleite?

SAA
On Wednesday Mboweni said the airline was unlikely to "ever generate sufficient cash flow" and the state should rather direct its resources towards "ordinary workers" who use trains and not "the middle class and wealthy flying around the country".
Over the past 13 years, South African Airways has incurred over R28bn in cumulative losses.
"The airline is insolvent and, in its current configuration, unlikely to ever generate sufficient cash flow to sustain its operations."
He announced that the state would pay off its-government-guaranteed debt of R9.2 billion "over the next three years" to honour its contractual obligation.
While the minister did not announce specific interventions, he said he has welcomed conversations between the flagship carrier and potential equity partners.

South African Airways verjüngt die Flotte. Dazu beschafft sich die Fluglinie zwei Airbus A350-900, die zwei rund 15 Jahre alte Airbus A340-600 ersetzen.

Numsa and SACCA warned that their members are preparing for "the mother of all strikes at SAA".

SOUTH AFRICAN AIRWAYS
STRIKE UPDATE

The South African Airways (SAA) strike continues and the unions are warning that they will intensify the strike across all SAA departments. Please find an update below:

18 November flight operations
SAA has announced that it is cancelling all Domestic and Regional flights, with the exception of International flights.

19 and 20 November flight operations
SAA has announced that it is cancelling all Domestic flights (within South Africa) on the 19th and 20th of November 2019. The following regional flights will operate on Tuesday, 19 November: Accra, Lagos, Lusaka, Maputo, Windhoek and Harare. International flights will operate as per schedule.

SAA’s international departures to Frankfurt, London, Munich, New York and Washington DC via Accra are expected to operate as scheduled on today and return to OR Tambo International Airport on Tuesday, 19 November; while departures from OR Tambo International Airport to Perth and Hong Kong as also on schedule for Monday.

While SAA’s domestic flights remain cancelled, the airline is working with its subsidiary airline, Mango, and sister airline, SA Express, to re-accommodate as many customers as possible travelling domestically.
Depending on availability on regional routes where SAA has not yet reinstated its services, passengers are being re-accommodated on SA Airlink, a partner airline of SAA, and other airlines where possible.

Passengers are advised to report to their departure airport as normal when they are in possession of a confirmed itinerary.
Passengers seeking a refund or wishing to rebook their travel on a future SAA service have until 30 November 2019 to finalise their arrangements.

Rennies BCD Travel would like to assure affected travellers that our consultants are closely monitoring the situation and are making every attempt to assist with alternate flight options, especially on domestic and regional routes

Issued by: Corporate Communications, Rennies BCD Travel
Source: SAA, EWN, The South African, Times Live
Date: 18 November 2019

SOUTH AFRICAN AIRWAYS

BUSINESS RESCUE

A statement issued by the Department of Public Enterprises (DPE) confirmed that the airline would go into business rescue, commencing today. Business Rescue is a well-defined process that will allow South African Airways (SAA) to continue operating in an orderly and safe manner and to keep planes and passengers flying under the direction of a business rescue practitioner.
DPE Minister, Pravin Gordhan, issued a statement this morning stating that business rescue was the "optimal mechanism to restore confidence in SAA". He said it would help to “restructure and re-position the entity into one that is stronger, more sustainable and able to grow and attract an equity partner”.
Pravin Gordhan confirmed that government, through National Treasury, would provide R2 billion as post-commencement finance guaranteed by government and repayable out of future budget appropriations for the business rescue process to commence and to enable SAA to continue to operate. An additional R2 billion would be provided by Government, through National Treasury, as post-commencement finance in “a fiscally neutral manner”.
According to the statement issued, this is not a bailout. This is the provision of financial assistance in order to facilitate a radical restructure of the airline.
"This set of actions should provide confidence to customers to continue to use the airline because there will not be any unplanned stoppages of flights or cancellation of flights without proper notice should that be necessary".
A business rescue practitioner will be chosen to take charge of the business and perform the function of operating the airline with the assistance of management. The practitioner will also undertake such rationalizations as are necessary.
Mango is a separate legal entity to SAA and operates independently from its parent Company, so is not affected by the business rescue. ASATA is in talks with SAA and government stakeholders to assess the potential impact business rescue will have to customers and to assist in managing the situation to limit the impact to customers as we enter the peak holiday season.
We will continue to sell SAA and will keep you updated as more details become available.

Issued by: Corporate Communications, Rennies BCD Travel