Salaries for March at embattled state-owned airline SAA were paid in full on Thursday, according to one of the joint business rescue practitioners, Siviwe Dongwana.
As airlines idle thousands of aircraft due to the coronavirus pandemic, they are facing an unprecedented problem: finding a place to park them
South Africa has banned travellers from ten countries, and instituted enhanced health screening for three more with cases of the novel coronavirus. Charter flights have also been limited to specific airports only, where health screening can be done.
Going home, if you are a Brit in Cape Town, just got rather expensive.
Many airlines have grounded more than 50% of their planes.
By the end of May 2020 numerous airlines across the globe could be bankrupt, according to an analysis by the Centre for Asia Pacific Aviation.
"The global airline sector's market capitalisation has dropped by $40.6 billion, or 25%, in the last month alone," one analyst said.
The business rescue practitioners of SAA contemplate that all 4 708 employees will be affected by notices sent out on Monday.
The business rescue practitioners of SAA have circulated a number of drafts to relevant stakeholders for comment, Fin24 was told on Wednesday evening.
Comair reports a headline loss of R564 million, of which R450 million is attributable to the increase in a loss allowance on an SAA damages claim.
FlySafair has joined the list of airlines which will temporarily suspend operations during the 21-day lockdown.
Comair, which operates kulula.com as well as British Airways under its SA licence, has begun a restructuring process.
Reduced demand for travel has caused airlines to temporarily shutter operations as Covid-19 continues to spread and nations close borders.
National carrier SAA says it is scaling down its flight schedule as it faces a drop in demand due to the coronavirus outbreak.
SA Express was placed under business rescue by order of the courts in early February, but the coronavirus worsened its situation.
SAA has already taken steps to reduce any potential impact caused by the Coronavirus pandemic, the airline's spokesperson Tlali Tlali tells Fin24.
The impact of the coronavirus pandemic on the already-embattled SAA will likely strengthen the hand of the airline's business rescue practitioners, says an economist.
The coronavirus outbreak is a global crisis is testing the resilience of the airline industry, warns the CEO of the International Air Transport Association.
SAA is not compelled to pay over money it is holding on behalf of privately-owned regional airline Airlink, the Gauteng High Court rules.
As the coronavirus spreads airlines are cutting services on routes that don't even touch Chinese territory in places like Italy and South Korea.
Cape TownE-Merge IT RecruitmentR600.00 - R650.00 Per Hour
Western CapeWork In China R20 000.00 - R45 000.00 Per Month
Western CapeTechnology Specific cc t/a MVCR10 450.00 Per Month
R 4 800 000
R 3 700 000
R 2 650 000
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