South African Airways (SAA) has run out of money and is teetering on the edge of bankruptcy.
It is thought the national carrier may soon be unable to pay salaries.
The cash-flow statement shown to MPs and seen by the BBC paints a picture of an airline haemorrhaging cash.
It says that matters may improve by October, but only if it gets a £45 million bailout from the government.
Even then, the situation is expected to deteriorate again by December with a forecast cash outflow in that month of £38 million.