South African Airways (SAA) has run out of money and is teetering on the edge of bankruptcy, according to information given to the country's parliament, BBC.com reported yesterday. It is thought the national carrier may soon be unable to pay salaries. The cash-flow statement shown to MPs and seen by the BBC paints a picture of an airline hemorrhaging cash, adding that matters may improve by October, but only if it gets a 792m-rand (£45m) bailout from the government. Even then, the situation is expected to deteriorate again by December with a forecast cash outflow in that month of £38m. The airline has lost money in each of the past seven years. Acting chief executive Musa Zwane, who has led the company for the last 18 months, has been trying to put together a recovery plan since January. The airline is also facing pressure from its unions. The unions are also threatening strike action over pay, claiming that pilots have been getting generous pay awards while cabin crew, ground staff, cargo staff and technical staff have been refused wage rises.
