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State-owned South African Airways surprised no-one in May when it said it was borrowing 1.5 billion rand ($167 million) to cover its near-term operating costs. The loan, secured against last year's 5 billion rand government guarantee, will be used as working capital while the flag carrier implements its latest turnaround plan – the ninth such strategy put before its shareholder.
Scepticism about SAA's ability to turn the corner has been fuelled by a spate of management resignations and dismissals, with Monwabisi Kalawe due to become its fourth chief executive in less than a year. Although his interim predecessor, Nico Bezuidenhout, insists that "green shoots" are emerging following last year's 1.3 billion rand loss, the airline's chequered history and its status as an end-of-line carrier has left analysts reserving judgment...
