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South African Airways Eyes Asset Sales to Accommodate Next-Generation Jets
In a tender posted on its website, South African Airways is now readying the sale of some of its assets that include five Airbus A340-300s and four Airbus A340-600s along with 15 spare engines and auxiliary power units. According to the company’s acting CEO Zuks Ramasia, the sale of these assets will pave the way for newer aircraft with more fuel efficiency and improved passenger comfort, also replacing the aging fleet of Airbus A340s.
This comes barely two months after taking delivery of four Airbus A350s that are expected to begin their international operations beginning next week. Ramasia also pointed out that the asset sales decision has nothing to do with the rescue package that had been issued by the government.
South African Airways has been flying through lots of turbulence in recent times with experts claiming the airline is slowly fading away and losing its stance to European airlines who have taken advantage of the carrier’s incapability.
The Star Alliance member has been insolvent since 2011 and has since received close to $4 billion of taxpayer money to keep it afloat. Things were falling apart for the South African flag carrier towards the end of 2018 with most headlines reading on the fading of SAA.
The crippled airline has, however, endured a much harder 2019, receiving a huge blow during the workers strike towards the end of 2019 that made the airline lose $3.36 million daily threatening the survival of the African carrier.
The national government came to the aid of the ailing airline with a state bailout package of $136 million and additions of a similar amount from lenders with the government as the guarantor, all to keep the state-owned airline afloat.
The beginning of 2020 has seen the airline start on a high note receiving the most on-time airline award, according to Cirium.
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