South African Airways (SAA) has confirmed that it is now only likely to break even in its 2021 financial year, having reported a loss of R5.6-billion for 2017, and with a similar loss on the way for 2018. SAA is burning through cash despite the announcement of yet another turnaround strategy. This time round, a more credible leadership team is overseeing the strategy. Nevertheless, the liquidity position looks more than a little precarious.