Browsing: Aviation in South Africa

South African Airways (SAA)—one of Africa’s largest carriers have gained a promising turn, as its administrators said conditions for a business rescue were met to bring the state-owned carrier back to operations.

According to information from Bloomberg News, the administrators did not provide any further notice to affected parties on Tuesday, Bloomberg reported that “whether the government had met their demand to place in an escrow account $988 million the state has guaranteed to creditors should the carrier fail. The Treasury said on Monday its usual guarantees should suffice”

The SAA which was illustrated by News24 a South African business publication, that had a net asset value of nil in 1999 and since then has contended with a weak balance sheet exaggerated by weak management and a poor business model.

Further, the which SAA has received no less than $3 billion in bailouts or recapitalization over 20 years, starting from …