SAA has outstanding debt of R9.2 billion

South African Airways (SAA) chief executive Vuyani Jarana says the airline has outstanding debt of more than R9.2 billion and is making less money than it is spending.

This emerged when SAA appeared before Parliament’s Standing Committee on Public Accounts on Tuesday, to answer questions about its annual report and financial statements.

According to Eyewitness News' parliamentary reporter Gaye Davis, Jarana says the airline is in talks with banks and National Treasury to secure an open credit line because it does not have capital.

We have known that SAA is deep in the red for some time because this airline has been in trouble for a long time.

Gaye Davis, EWN parliamentary reporter

We know that they are making less money than they are spending, they are burning cash and they need more capital.

Gaye Davis, EWN parliamentary reporter

We have just heard this afternoon from Vuyani Jarana that they are in talks with banks and National Treasury to secure an open credit line because they do not have any credit.

Gaye Davis, EWN parliamentary reporter

Click on the link below to listen to the full report...


Recommended

by NEWSROOM AI
Read More
'Our application to put SAA under business rescue is radical intervention'

'Our application to put SAA under business rescue is radical intervention'

Trade union Solidarity's Connie Mulder says SAA's enormous losses are not sustainable.

Treasury believes mix ownership model is the answer for SAA

Treasury believes mix ownership model is the answer for SAA

Director General of Finance at National Treasury Dondo Mogajane speaks on the 'red' classification of SAA by the treasury.

SAA CEO denies plans to cut 1 000 jobs

SAA CEO denies plans to cut 1 000 jobs

SAA CEO Vuyani Jarana says before they retrench people they will consult the unions first.

SAA's R5.6 billon loss no surprise - CEO

SAA's R5.6 billon loss no surprise - CEO

SAA CEO Vuyani Jarana says the audit results indicate a major challenge, he believes the company can be turned around.

Throwing money at SAA is very definition of madness - Bongani Bingwa

Throwing money at SAA is very definition of madness - Bongani Bingwa

Breakfast Show host Bongani Bingwa questions why SAA is still a state owned enterprise and not on business rescue.

'Dudu Myeni is trying to run' - Natasha Mazzone

'Dudu Myeni is trying to run' - Natasha Mazzone

The former SAA board chair says she’s too ill to fly to Cape Town to testify before the Eskom inquiry.

Popular articles
Meet the women who ensured that the Boks were in top form to bring home the cup

Meet the women who ensured that the Boks were in top form to bring home the cup

The all-female team of sports physiotherapists played a key role in the management team backing the Boks during the World Cup.

Allan Gray (81) passes away

Allan Gray (81) passes away

Allan Gray – founder of Africa’s largest privately-owned asset manager - has passed away after suffering a heart attack.

Caller defends Sho Madjozi's two-channels statement

Caller defends Sho Madjozi's two-channels statement

Eusebius McKaiser and callers debate issues from the Sho Madjozi to the Springboks.

Granny rescues 13-year-old girl chased away from home by mom

Granny rescues 13-year-old girl chased away from home by mom

Khabazela shares tweets and Facebook posts that have gone viral.

BEE has not worked, says Capitec CEO

BEE has not worked, says Capitec CEO

Capitec CEO Gerrie Fourie explains the challenges the bank, named Top 100 Company of the Year, faces.

'Aarto Act could be used by Sanral to enforce e-toll compliance'

'Aarto Act could be used by Sanral to enforce e-toll compliance'

Justice Project SA chair Howard Dembovsky says the act presumes a motorist to be guilty until he or she proves they are innocent.

[VIDEO] Port Elizabeth gets an eyeful of Faf's famous SA-flag speedo

[VIDEO] Port Elizabeth gets an eyeful of Faf's famous SA-flag speedo

Faf de Klerk threatened to upstage his captain when he showed off his patriotic 'broeks' in PE on the Springbok victory tour.

Capitec Bank must OK BEE share sale. '47 000 Transnet pensioners are suffering'

Capitec Bank must OK BEE share sale. '47 000 Transnet pensioners are suffering'

"The judgment is damning against Capitec Bank," says freelance journalist Ciaran Ryan.

[WATCH] 'I didn't poop, I peed,' kid excited that he went potty successfully

[WATCH] 'I didn't poop, I peed,' kid excited that he went potty successfully

Khabazela shares tweets and Facebook posts that have gone viral.