South African Airways (SAA) needs a government guarantee to help it secure bank ...
JOHANNESBURG - South African Airways needs a government guarantee to help it secure bank funding otherwise the carrier is at risk of entering liquidation, board member Martin Kingston said on Wednesday, as a crippling strike enters its sixth day.
Speaking in an interview on news channel SABC, Kingston said that SAA’s dire financial situation meant it was in no position to increase its wage offer to striking unions, and the action was only making the state-owned airline’s position more perilous. “We need to be confident that we have the financial wherewithal to trade for the next 12 months on a solvent basis. That is not currently the case.”
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