SAA cash injection imminent but says it needs more

SAA has debt of about R12.7 billion, consisting of R9.2 billion of legacy debt and a R3.5 billion working capital facility provided by banks.

CAPE TOWN - South African Airways (SAA) says a government cash injection of R5.5 billion ($376 million) approved for the 2019/20 financial year is expected at the end of the month but it still needs more money, a presentation to lawmakers showed on Wednesday.

SAA has debt of about R12.7 billion, consisting of R9.2 billion of legacy debt and a R3.5 billion working capital facility provided by banks.

“SAA requires R2 billion to fund working capital in FY 2019/20 by December 2019,” the presentation said.