SABC sinking in a tide of debt
Faced with an unenviable choice last month -- either cough up to service its eight-figure municipality account, or settle the salary bill, the SABC took the high road and paid its staff.
And while the lights are still on in Auckland Park, for now, anyway, the broadcaster is desperately hoping a R3.2bn government guarantee will entice commercial banks to provide the loans it needs to stay afloat.
“I’m not sure how we are going to pay for salaries come end of June,” SABC board chair Bongumusa Makhathini told the Sunday Times this week. “We have also not maintained any of our infrastructure and a communication blackout is imminent. We anticipated Day Zero in March, but we have managed to stay on air until now.” The SABC will meet with the municipality this week to discuss its debt.
Story in the Sunday Times.
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