SAA insolvent and Moneyweb report -

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Re: SAA insolvent and Moneyweb report -

Unread post by ColdFingers » Fri Nov 27, 2015 12:15 pm

Ray W wrote:Maybe the powers that be will see the errors of their ways when this hits the fan - but I doubt it.

Agreed.
Mauler wrote:where cross defaults and acceleration clauses will kick in over a wide number of SAA debts which they have no hope in hell of paying. SAA currently has NO money at all.
The tax payer, you and I, will come to the rescue. :evil: :evil: :evil:
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Re: SAA insolvent and Moneyweb report -

Unread post by avatar » Fri Nov 27, 2015 1:55 pm

The cookie jar is getting empty very quickly !

( fiscal cliff - spending out of control with less

income especially from mining and agriculture )

After SA s next inevitable ratings downgrade raising

capital off shore is going to be more expensive and difficult.

They will be looking wherever they can for income which

is a short term solution.

After increasing taxes , including VAT, a wealth tax will

be the next item on the agenda.

After that I hope they have the sense to avoid following

Gono's misguided example in Zimbabwe of pursuing the inflation

alternative with its inevitable consequences .

Privatisation and decreasing the size of our bloated civil service

should be a priority .

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Re: SAA insolvent and Moneyweb report -

Unread post by Spoke Eagle » Mon Nov 30, 2015 4:02 pm

Now listen carefully.... HE...he...hehehe.
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Re: SAA insolvent and Moneyweb report -

Unread post by Mr B » Tue Dec 01, 2015 11:29 am

its not just these "businesses"' .......

its the whole country......wherever the cANCer goeth.......he will consume.....everything....!!!

he will even cheat to remain the all powerful consumer.....
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Re: SAA insolvent and Moneyweb report -

Unread post by scavanger » Thu Dec 03, 2015 4:10 pm

Did I miss something? What happened to the Airbus deadline this past Monday? Is SAA now applying for business rescue?
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Re: SAA insolvent and Moneyweb report -

Unread post by coline » Thu Dec 03, 2015 4:37 pm

I think the will apply as soon as they hire a consultant to fill in the forms.
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Re: SAA insolvent and Moneyweb report -

Unread post by GRAHAMW » Thu Dec 03, 2015 4:57 pm

Cape Town - Finance Minister Nhanhla Nene has not approved the proposed amendment to SAA's Airbus A320/A330 swap transaction structure, National Treasury said on Thursday.

Nene has instructed that SAA must implement the transaction structure in line with the approval that had already been granted. That would mean to conclude the agreement to swap the purchase of ten A320s for a lease of five A330s from Airbus.

According to Treasury SAA has not demonstrated that there was certainty that the proposed amendment to its Airbus A320/A330 swap transaction structure would leave the airline in a better financial position than it would otherwise have been had the airline implemented the original swap transaction structure.

Nene felt the available information indicated that the proposed transaction structure would actually leave SAA in a materially worse off financial position where it is unable to meet its commitments as they fall due.

"Although possible benefits may be realised through allowing the airline to continue to pursue an alternative transaction, these were far outweighed by the high probability of a default on the government guarantees and the severe consequences thereof," Treasury said in a statement.

Should SAA conclude a significant transaction with Airbus or any other party for which the airline has not received approval in terms of legal requirements, this would constitute an act of financial misconduct, which could be grounds for sanctions against the board, according to Treasury.

As reported on Fin24
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Re: SAA insolvent and Moneyweb report -

Unread post by Chalkie » Thu Dec 03, 2015 6:16 pm

GRAHAMW wrote:According to Treasury SAA has not demonstrated that there was certainty that the proposed amendment to its Airbus A320/A330 swap transaction structure would leave the airline in a better financial position than it would otherwise have been had the airline implemented the original swap transaction structure.

Nene felt the available information indicated that the proposed transaction structure would actually leave SAA in a materially worse off financial position where it is unable to meet its commitments as they fall due.
Lyk vir my Dudu het haar rieme styfgeloop :oops:

Hopefully Dudu will be redeployed to richer pickings as her pension plan has just come to naught. :?
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Re: SAA insolvent and Moneyweb report -

Unread post by Mr B » Fri Dec 04, 2015 7:51 am

I suggest SAA consider making a big BEE deal with a some of the wealthiest previously disadvantaged and list the company only allowing BEE participation......
also include that all service providers to the company need so be completely BEE....
Appoint only black pilots ( taxi drivers) and staff.....
I am convinced that will make a huge difference
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Re: SAA insolvent and Moneyweb report -

Unread post by Mauler » Fri Dec 04, 2015 8:25 am

scavanger wrote:Did I miss something? What happened to the Airbus deadline this past Monday? Is SAA now applying for business rescue?
Trying to sort out the facts from the noise in the news, it seems Airbus has given them a last chance until 21 December.
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Re: SAA insolvent and Moneyweb report -

Unread post by Tony4 » Sun Dec 06, 2015 2:12 pm

Mr B wrote:I suggest SAA consider making a big BEE deal with a some of the wealthiest previously disadvantaged and list the company only allowing BEE participation......
also include that all service providers to the company need so be completely BEE....
Appoint only black pilots ( taxi drivers) and staff.....
I am convinced that will make a huge difference
Hmmmm, those that have plundered the coffers are not about to put money back into a venture where they know there is limited financial or fiscal control.

As for transformation, I say ,""YES"! Then the credible airlines can pick up when the flag carrier falls apart. Sadly the casualties will be the people who spent 40yrs working for the once proud airline.....
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Re: SAA insolvent and Moneyweb report -

Unread post by AndyF1 » Sun Dec 06, 2015 3:00 pm

wasn't there a story some time ago that Emirates was looking at buying SAA?
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Re: SAA insolvent and Moneyweb report -

Unread post by Marius Schrenk » Sun Dec 06, 2015 10:25 pm

AndyF1 wrote:wasn't there a story some time ago that Emirates was looking at buying SAA?
Maybe numba one insisted on them taking the chairwoman too. :wink: :lol:
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Re: SAA insolvent and Moneyweb report -

Unread post by wWw » Mon Dec 07, 2015 8:31 am

http://ewn.co.za/2015/12/07/SAA-pilot-r ... age-claims
CAPE TOWN – The head of the South African Airways (SAA) Pilots Association believes there is not a single shred of evidence that could corroborate allegations that he was involved in a bizarre plot to sabotage an aircraft.

Captain John Harty said he was questioned by the Hawks on Friday after officials received intelligence that certain pilots, including him, had attempted to recruit SAA technicians to tamper with the rudder system of a plane.

Their alleged aim was to discredit the black pilot who had been flying the aircraft.

Harty said the claim is absurd.

“I’m prepared to cooperate fully with any legal competent objective investigation as there is not single shred of evidence that corroborate with.”

He says he won't be intimidated.

“Neither I nor my association will be intimidated and forced to back down in our efforts to ensure that the SAA board is replaced by people with aviation management expertise and that the CEO with appropriate skills and experience is appointed.”

Harty is a vocal critic of SAA board chair Dudu Myeni.
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Re: SAA insolvent and Moneyweb report -

Unread post by Induna » Mon Dec 07, 2015 8:39 am

this matter is becoming more serious than we think.. Wow, now the Hawks involved? Could this be an act that SAA wants to discredit the pilot's association? Quite a bold move..

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