South African Airways (SA, Johannesburg O.R. Tambo) said in a statement that it had not yet taken a decision to sell any of its assets, despite previous media reports which relayed such information. The carrier underlined that its turnaround was progressing and it would not file for bankruptcy, although profitability would only be possible in 2021.
"At a recently held Board strategy session on 11-12 September 2018, the executive management presented to the Board a comprehensive strategy update reflecting on the present-day strategy execution achievements and challenges as well as the road map and options for the outlook of the business. No decisions have been taken to dispose of any SAA entities or assets at this stage. Options were merely presented to the Board for consideration," the South African flag carrier said.
The airline also said it was in talks with its creditors regarding the extension of its loans, which are currently due in March 2019. South African also underlined it would honour all existing commitments with passengers, suppliers, and creditors.
"The company currently has access to financial facilities to support its working capital requirements. The Board and the shareholder are working around the clock to find a lasting financial solution to the company’s capital requirements," the airline further said.
According to the earlier media reports, SAA was looking at selling Air Chefs, its catering arm, and profit-making SAA Cargo. As of July 31, the carrier's debt amounted to ZAR28 billion rands (USD2 billion).
