SAA is in business rescue as of right now - with a price tag totalling R4-billion in cash and government guarantees, even if some of the T&Cs remain outstanding.

"The board of SAA has adopted a resolution to place the company into business rescue. This decision is supported by government," Public Enterprises Minister Pravin Gordhan said in an official statement in the early hours of Thursday morning.

"This is the optimal mechanism to restore confidence in SAA and to safeguard the good assets of SAA and help to restructure and reposition the entity into one that is stronger, more sustainable and able to grow and attract an equity partner.

"Our desire is that the restructured airline will mark the beginning of a new era in South African aviation and must be able to bring in millions more tourists into SA, help create more jobs in tourism and related sectors of the economy and work with other African airlines to underpin and service the integration of African markets and improve dramatically intra-African trade and travel."

That's the spin.

The business rescue practitioner must still be appointed, but the money has been put in place - and at a total or R4-billion...