South African Airways (SA, Johannesburg O.R. Tambo) has approached the government for a new bailout, just a month after it received a ZAR5 billion rand (USD358 million) injection, The South African has reported.
The South African flag carrier already spent the entire bailout received on October 24. ZAR3 billion rands (USD215 million) were used to repay overdue debts, while the remainder was spent on "practical capital requirements".
The previous ZAR5 billion rand injection was supposed to allow the airline to stand on its own feet financially again. This goal is, however, appears to be not in sight yet. The Business Day has reported that SAA might need at least ZAR16.7 billion rands (USD1.2 billion) in capital and loan guarantees to complete the turnaround, with ZAR3.5 billion rands (USD250 million) required by the end of 2018.
It is unclear how much the airline is seeking from the government presently. SAA now says it will not post any profit until at least 2021.
