This case focuses on the business rescue of South African Airlines. SAA, four times rated the best airline in Africa (SAA, 2019), was already insolvent when in early 2020 COVID-19 decimated the world. The state-owned airline, which had last made profits in 2011, continued to lose millions of passengers to competitors over the next decade and, despite bailouts of more than R40bn, entered Business Rescue in December 2019, still owing creditors more than R26bn. To the surprise of many, Public Enterprises minister Pravin Gordhan was determined to rescue the airline. In May 2021, the business rescue practitioners handed SAA back to the interim board and Thomas Kgokolo (CA) (MBA) was appointed interim CEO. In June 2021, Gordhan announced a “born again” SAA, “almost ready to take off” and promised no more bailouts. But, with several billion rand outstanding to complete the rescue plan, a grounded fleet, unresolved labour problems, an critical but unnamed “strategic-equity partner” and a largely unvaccinated country entering its third COVID wave – what were the chances?