South African Airways goes bankrupt for the 2nd time in 10 years despite Govt bailout
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[SAA is our stupid national carrier. They went bankrupt 10 years ago. Then the Govt bailed them out. Now they’re bankrupt again … on an even bigger scale! I actually flew with SAA to and from the USA. I must still tell you all the story of how ridiculous their service is, even in North America. I could not even get through to their contact centre when I desperately needed to reschedule my return flight. In the end I had to pay for a brand new ticket in order to return to SA. SAA sucks … even in North America. The only good thing about them is that they have the shortest and most direct flights to the USA from South Africa.
I laughed at Toronto airport in Canada. I was asking the staff there for the offices of South Africa. The whites there looked at each other. They said they had never heard of South African Airways! I grinned.
SAA is unbelievably inefficient. A white friend who once worked for them told me that they the highest ratio of employees to passengers of any airline in the world. This is typical of how the blacks overload all businesses in South Africa. This happens everywhere. I love it.
I love the way things have worked out between the super-rich scum and the blacks.
Here are some excerpts from an article about SAA’s impending bankruptcy. Jan]
Unfortunately, these rules and realities do not apply to South African Airways (SAA).
SAA lost all its capital more than a decade ago, when its liabilities exceeded its assets and equity by R368 million. Government funding and hard work saw some recovery in 2010 and 2011, but since then everything has gone wrong.
SAA has been in decline since 2012, with taxpayers cast in the role as capital providers and unwilling shareholders, effectively with unlimited liability. During the next six years, from 2012 to 2017, SAA suffered total losses of nearly R18 billion and by the end of the 2017 financial year, the airline reported that its liabilities exceeded its assets and equity by R17.8 billion.
Read: SAA appoints interim CEO, approaches additional lenders
The annual report for the year to end-March 2017 was the last that SAA published. It took management 11 months before it published the 2017 report. Nobody knows when the 2018 report will be done, nearly 17 months after the end of the financial year. Any other company in the private sector would have published its 2019 audited figures by now.
You can read the full story here: https://www.moneyweb.co.za/news/south-africa/saa-may-have-recorded-a-loss-of-more-than-r9bn-in-the-past-year/
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