Parliament - The cash-strapped South African Broadcasting Corporation (SABC) owes its creditors in excess of R600 million, its acting chief executive told Members of Parliament (MPs) on Tuesday.
"As at the end of the June, we were owing our creditors R597 million, which has subsequently grown over the months," said acting SABC CEO Nomsa Philiso while briefing Parliament's portfolio committee on communications on the broadcaster's first quarter performance for the 2017/18 financial year.
The broadcaster missed many of its targets for the first quarter, including that it break even. Instead it recorded a loss of R74.4 million, before interest and tax.
The cash crisis meant the SABC could not reach another goal - that of paying its outstanding debt to creditors on time.
"We did not succeed in maintaining the 60 days settlement," said Philiso.