December 18, 2019: South African Airways (SAA), which is undergoing business rescue as of now in the face of liquidation, is bringing certain revolution in the South African transport sector.
The government is planning to establish a national shipping carrier as part of a push to transform the transportation sector, particularly in the maritime and aviation industries.
The country has been without a national carrier since Maersk acquired South African shipping line Safmarine in 1999.
While SAA joins a long list of state-owned entities that were either looted at the height of state capture or are mired in deep financial trouble.
As reported by Business Live, transport minister Fikile Mbalula announced last week that the government has taken over the running of embattled Passenger Rail Agency of SA (Prasa) for a year.
Mbalula said in written responses to questions published in parliament that the government was looking into the establishment of a national shipping carrier as a means of building strategic national shipping capacity and capability.
December 05, 2019: After a series of unfortunate events, and years of operating losses, South African Airways (SAA) is edging towards a total collapse faster than ever.
"This is the optimal mechanism to restore confidence in SAA and to safeguard the good assets of SAA and help to restructure and reposition the entity into one that is stronger, more sustainable and able to grow and attract an equity partner," he stated as reported by Bloomberg.
If liquidated, SAA will need to cover liabilities of $2.4 to $4.7 billion; however, they would only be able to secure $341 to $409 million by selling their assets, as per reports.
Tellingly, since 2017, the airline has opted to stop releasing annual statements; a year in which net losses quadrupled.
Its finances took a further hit when staff staged a pay strike last month, grounding a number of flights, insurers blacklisting it and causing bookings to be cancelled on a number of others - costing the airline $3.4 million each day.
The business-rescue process at SAA include:
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