South African Airways (SAA) has confirmed it is “technically insolvent” and reliant on government guarantees, which stand at R14.3 billion ($1.2 billion). “SAA has been reliant on guarantees from its shareholder [the South African government] for several years and the delay in the release of the financial statements for the 2013/14 financial year is directly related to the continued weakness of the company’s balance sheet and due to the company being technically ...

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