It seems it’s past is finally catching up with it and the government of South Africa, suffering with the Covid19 pandemic, has bigger problems to deal with.
Already in protective administration since December 2019, the airline needs yet another bailout, its third in two years, totalling some half billion dollars.
The government has said however that its no longer supplying the cash and that saving the 4,700 jobs is minuscule compared to using the money to support tens of thousands more as unemployment rockets.
The airline has seemingly nowhere else to go. No bank will lend it money, it’s effectively grounded by the current crisis and has no cash, its bankrupt in every sense of the word and the only way out seems to be liquidation.
The airline was founded back in 1934. In the last decade it has suffered from corruption, incompetent management, excessive political and union interference and total lack of investment. It’s bailouts have done nothing but cover its endless losses.
Even the recent addition of sub leased A350’s was controversial on any number of levels, from how they were paid for to the qualifications of potential pilots.