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South African news

South African airline related news

Business Rescue for SAA – an absurd misdiagnosis

South African Airways (SAA) needs a going concern government guarantee in order to finalise its Annual Financial Statements (AFS). The matter has been brought to the attention of the shareholder representative (National Treasury) and there are extensive, on-going engagements on the matter with the aim of finding a resolution and to provide certainty to all concerned. This does not mean the company...

Flight First flight to operate with biofuel made from locally grown tobacco plants

The South African Airways Group (SAA) today operated Africa’s first sustainable Biofuel flights. Today’s SAA and Mango flights on Boeing 737-800s between Johannesburg and Cape Town make history as the first sustainable biofuel flights to have taken place on the African continent. The flights used home-grown feedstock from the Marble Hall area in the Limpopo region of South...

Citibank cancels South African Airways loan

Citibank has cancelled a ZAR250 million (USD15 million) loan facility to South African Airways, reported The Africa Report. "We are aware that Citi has cancelled a 250 million rand facility to SAA and are working closely with SAA on the issue to make sure there's sufficient liquidity. We are unable to comment further," treasury spokeswoman Phumza Macanda said.   The c...

Ernst and Young forensics tables report on South African Airways procurement investigation

This week Ernst and Young forensics tabled with the SAA Board, its draft report in respect of the procurement investigation at SAA. This report is the first of a number of investigations that will examine specific areas of the business that will identify reasons for the company’s unprofitable trading. The report that is currently being studied by the Board will be follow...