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South African Airways (SAA) is the national flag carrier airline of South Africa. It was founded in 1934 and is one of the oldest airlines in Africa. However, please note that my knowledge cutoff is in September 2021, and there have been significant developments regarding South African Airways since then. Therefore, the information provided here may not reflect the current state of the airline.

As of my knowledge cutoff, South African Airways had faced financial difficulties and operational challenges for several years. In 2020, the airline entered into a business rescue process, which is a South African form of bankruptcy protection. This was due to a combination of factors, including mismanagement, high operating costs, and a challenging economic environment. The COVID-19 pandemic further exacerbated the airline's troubles, as travel restrictions and a decrease in demand severely impacted the global aviation industry.

During the business rescue process, efforts were made to restructure the airline and find a viable path forward. However, the process was complex and faced various hurdles. In April 2021, the South African government announced a plan to establish a new national carrier to replace South African Airways. The new airline, called "NewCo" at the time, was intended to be financially sustainable and better positioned to compete in the aviation industry.

It's important to note that developments regarding South African Airways and the establishment of the new national carrier may have occurred since my knowledge cutoff. Therefore, for the most up-to-date information, I recommend checking recent news sources or the official channels of South African Airways or the South African government.