It's doubtful if SAA could be privatised as the state would have to pay someone a fortune to take it over.  (unless of course more massive taxpayer bailouts are provided just before it is sold to Guptas for R1.00)
The only value in the airline is possibly the SAA brand... if something terrible doesn't happen in the meantime due to poor maintenance.  Hopefully the pilots would not fly if they were concerned about it?
A credible solution would be to get one of the big reputable airlines like BA or KLM or Emirates to take it over in some way. Any other deal would be seen as more corruption.