{"id":234777,"date":"2019-11-21T06:58:27","date_gmt":"2019-11-21T05:58:27","guid":{"rendered":"http:\/\/www.travelreport.se\/?p=234777"},"modified":"2024-02-02T12:22:56","modified_gmt":"2024-02-02T12:22:56","slug":"south-african-airways-on-the-brink-of-bankruptcy-expensive-business-for-the-state","status":"publish","type":"post","link":"https:\/\/www.travelreport.se\/en\/south-african-airways-pa-konkursens-rand-dyr-affar-for-staten\/","title":{"rendered":"South African Airways on the verge of bankruptcy \u2013 an expensive deal for the state"},"content":{"rendered":"<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.travelreport.se\/wp-content\/uploads\/2019\/11\/Sk\u00e4rmavbild-2019-11-21-kl.-06.06.55.png\" alt=\"\" class=\"wp-image-234778\"\/><figcaption>Photo:South African Airways<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">South African Airways is bleeding the equivalent of just over 30 million kronor every day. The strike that has been going on for almost a week has put the airline on the brink of bankruptcy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Founded in 1934, the state-owned airline is now history. At least according to one of South African Airways&#039; board members. In an interview with Reuters, Martin Kingston admits that without further government guarantees, the company could soon be forced to file for bankruptcy and be liquidated.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201d&quot;We may not have enough financial resources to pay salaries at the end of the month. We are looking into what we can do but we need immediate help,&quot; Kingston said in the interview.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The background is the strike regarding wages and cuts that is now in its sixth day.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The unions have demanded an eight percent wage increase, while South African Airways has offered 5.9 percent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many analysts also see little chance of relief. Over the past three years, South African Airways has received almost SEK 13 billion in government aid but has still not managed to get out of its difficult situation. The company has not been able to show a profit since 2011 and has not published any financial statements for the past two years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The chances of another airline buying South African Airways, which is part of the same airline alliance as SAS, are also considered small. The company operates on a less profitable route network. While, for example, companies in the Middle East have achieved success by becoming a link for flights from Asia to Europe\/USA and vice versa, South African Airways&#039; geographical connection is a negative burden.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A bankruptcy would also be a costly affair for the South African state, more precisely around SEK 16 billion, according to Reuters.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Source: TT<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>Dagligen bl\u00f6der South African Airways motsvarande drygt 30 miljoner kronor. Den strejk som p\u00e5g\u00e5tt i snart en veckas tid har satt flygbolaget p\u00e5 konkursens brant. Grundat redan 1934\u00a0\u00e4r nu det statliga flygbolaget snart historia. I alla fall enligt en av South African Airways styrelsemedlemmar. I en intervju med Reuters medger Martin Kingston att utan ytterligare [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[3023,85,3024,858],"class_list":["post-234777","post","type-post","status-publish","format-standard","hentry","category-travel-report","tag-flybolag","tag-flyg","tag-south-african-airways","tag-transport"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>South African Airways p\u00e5 konkursens rand \u2013 dyr aff\u00e4r f\u00f6r staten &#8211; Travel Report<\/title>\n<meta name=\"description\" content=\"South African Airways p\u00e5 konkursens rand \u2013 dyr aff\u00e4r f\u00f6r staten \u2013 L\u00e4s senaste nyheterna fr\u00e5n resebranschen p\u00e5 Travel Report.\" \/>\n<meta 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