SAA insolvent and Moneyweb report -

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heisan
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Re: SAA insolvent and Moneyweb report -

Unread post by heisan » Wed Nov 25, 2015 8:52 pm

scavanger wrote:VERY interesting reading. Thanks Andy. Doesn't sound like SAA will be around for much longer. Expect another Government bailout :evil:
Did you read the report. Probably the scariest thing is that they still have R3b in guarantees - but no lenders are willing to lend them money, even with a government guarantee...
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Re: SAA insolvent and Moneyweb report -

Unread post by Wackhead » Wed Nov 25, 2015 10:25 pm

What happened to the 90 day or whatever it was, "TURNAROUND STRATEGY" which they announced not so long ago ?
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Re: SAA insolvent and Moneyweb report -

Unread post by heisan » Wed Nov 25, 2015 10:41 pm

Wackhead wrote:What happened to the 90 day or whatever it was, "TURNAROUND STRATEGY" which they announced not so long ago ?
That was dependent on the Airbus deal that he renegotiated, and which the board then chose to try and re-renegotiate... So now the original deal is still in place, and Airbus has told SAA to pay up.
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Re: SAA insolvent and Moneyweb report -

Unread post by dilligaf » Thu Nov 26, 2015 12:15 am

Reading the report makes it clear why they were so quick to run for a gag order.

But the story is out there. Creditors will be watching each other like hawks and the first debt repayment SAA misses will start the dominos falling.

My money is on a deliberate information leak, designed to force Treasury into signing off whatever it takes for SAA's cash flow problems to go away, at least for now and until the Airbus thing is sorted.
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Re: SAA insolvent and Moneyweb report -

Unread post by Frank Persson » Thu Nov 26, 2015 5:29 am

Are our national pilots at risk of losing their jobs with the latest threat of SAA wanting to charge them for bringing the company's name into disrepute with their latest " public" declaration of vote of no confidence in management?
Very concerning
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Re: SAA insolvent and Moneyweb report -

Unread post by biffvj » Thu Nov 26, 2015 7:15 am

When you are white and working for government or a quasi government institution then you are always at risk of losing your job, based just on your skin colour. Somewhere, just not here, that is called racism.
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Re: SAA insolvent and Moneyweb report -

Unread post by nrm » Thu Nov 26, 2015 7:20 am

Hopefully she will be stupid enough to decide that the disciplinary measure needed is to suspend them all for a month!!!

That will show them what is what.
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Re: SAA insolvent and Moneyweb report -

Unread post by Peter L » Thu Nov 26, 2015 10:22 am

"Simplicity is the ultimate sophistication" - Leonardo Da Vinci
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Re: SAA insolvent and Moneyweb report -

Unread post by evanb » Thu Nov 26, 2015 10:43 am

heisan wrote:Did you read the report. Probably the scariest thing is that they still have R3b in guarantees - but no lenders are willing to lend them money, even with a government guarantee...
The guarantees are time limited. The current guarantee is about to expire.
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Re: SAA insolvent and Moneyweb report -

Unread post by GRAHAMW » Thu Nov 26, 2015 10:52 am

They have a problem keeping the memo out of the public domain:

Max du Preez ‏@MaxduPreez 16m16 minutes ago
SAA has just forced me to delete tweets & FB posts with links to the secret memo warning about its reckless trading - after shared by 1000s
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Re: SAA insolvent and Moneyweb report -

Unread post by Volo » Thu Nov 26, 2015 11:09 am

dilligaf wrote:Reading the report makes it clear why they were so quick to run for a gag order.

But the story is out there. Creditors will be watching each other like hawks and the first debt repayment SAA misses will start the dominos falling.

My money is on a deliberate information leak, designed to force Treasury into signing off whatever it takes for SAA's cash flow problems to go away, at least for now and until the Airbus thing is sorted.
Good summation - Treasury will pay in the end . They don't have choice . Government can not afford to let SAA go but I suspect heads will fall and one guess whose will be amongst them - she cannot survive the fallout from recent events .
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Re: SAA insolvent and Moneyweb report -

Unread post by opsmike » Thu Nov 26, 2015 11:32 am

Volo wrote:
dilligaf wrote:Reading the report makes it clear why they were so quick to run for a gag order.

But the story is out there. Creditors will be watching each other like hawks and the first debt repayment SAA misses will start the dominos falling.

My money is on a deliberate information leak, designed to force Treasury into signing off whatever it takes for SAA's cash flow problems to go away, at least for now and until the Airbus thing is sorted.
Good summation - Treasury will pay in the end . They don't have choice . Government can not afford to let SAA go but I suspect heads will fall and one guess whose will be amongst them - she cannot survive the fallout from recent events .

and will be replaced by the ex police chief
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Re: SAA insolvent and Moneyweb report -

Unread post by AndyF1 » Thu Nov 26, 2015 12:19 pm

opsmike wrote:and will be replaced by the ex police chief
:lol: :lol: :lol:
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Re: SAA insolvent and Moneyweb report -

Unread post by dilligaf » Thu Nov 26, 2015 2:02 pm

I was waiting for this. Myeni's arrogance would be breathtaking in most countries, but not in SA.

This is simply the brazen hijacking of a commercial financing transaction, aimed at interposing a zero value-adding connected cadre in the name of "transformation" to take a slice off the top. It is nothing less than attempted theft, aided and abetted by a clique of the board of directors. All it has done is put the organisation at risk. In the name of "transformation".
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Re: SAA insolvent and Moneyweb report -

Unread post by GL » Thu Nov 26, 2015 3:06 pm

She has purged the airline of most of the senior management who dared stand in her way of appointing cronies in the name of transformation.
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