Hopes of getting ‘new SAA’ in the air by January
A restructured SAA could be back in the air in January.
Kgathatso Tlhakudi, director-general of the department of public enterprises, told Business Times several local and international investors have made unsolicited offers to partner with SAA and subsidiaries Air Chefs, SAA Technical and Mango.
“We are whittling these down to a consideration of just a handful of potential partners who will work with the government on this project,” said Tlhakudi.
However, the R10bn needed to revive the bankrupt airline has not been secured. “Several financing options are open to the department and SAA and we will continue to explore them,” said Tlhakudi. “It is a complicated process due to some constraints, including the generally gloomy economic environment and the specific difficulties facing the aviation sector.”
Major banks, which lent R11bn to SAA and expect to be repaid by the end of the month in terms of government guarantees, have reportedly declined to back the new airline.
Tlhakudi said a new SAA board, which would be announced “at the appropriate time”, would break with the “past patterns of poor performance and corruption”.