SA Airways faces collapse


SOUTH African Airways could collapse within few days.

Over 4,700 employees stand to lose their jobs.

The airline could be grounded permanently after the department of enterprises rejected a request for a R10 billion bailout earlier this month.

SAA will have to sell off most of its assets to be able to pay off creditors and settle workers’ severance packages.

The business rescue practitioners proposed terminating contracts of all its workforce by the end of the month.

The offer to pay employees depends on whether there will be any money left, after the embattled airline has settled all its debt is settled.