The airline has debt of R12.7bn, of which three-quarters is legacy debt. Another R3.5bn is money lent from banks as working capital.
The airline’s management conceded to MPs that it was finding the funding of current working capital “challenging”. Its long-term turnaround strategy was based on an equity injection of R21.7bn.
The airline provided an update on its efforts in prosecuting those implicated in the erosion of the finances of the loss-making national carrier.
Vusi Pikoli, the airline’s head of legal and compliance, said yesterday that the forensic task team probing malfeasance at SAA was trying to ensure nine criminal dockets reach court, and 84 questionable contracts were laid bare.