50 SKY SHADES - World aviation news

Air Zimbabwe protected from creditors until 2018

Download: Printable PDF Date: 07 Dec 2015 14:29 (UTC) category:
Publisher:
Air Zimbabwe protected from creditors until 2018 - Finance publisher
Tatjana Obrazcova
Country: Zimbabwe Aircraft: Airplanes Airline: Air Zimbabwe (Pvt)

Air Zimbabwe has been protected from creditors for the next three years by the Zimbabwean parliament.

The heavily indebted carrier has had its assets protected by the Air Zimbabwe Corporation (Repeal) Act, which has been amended to include provisions State Liabilities Act.
 
The carrier has been given until July 3 2018 to settle its debts with creditors.
 
Its sole shareholder, the Zimbabwean government, pledged to assume the airlines USD300 million debts in attempt to attract investors.
 
The debts occurred after the carrier was ordered to continue charging fares in the depreciating Zimbabwean dollar against fixed costs that were charged in US dollars, between 2001 and 2008.
 
Approximately USD272 million of the debt is owed to local firms and staff retrenchment packages, with the remainder owed to foreign firms.  

 



Loading comments for Air Zimbabwe protected from creditors until 2018...


Recommended

Qantas Freight expands to meet online shopping demand

Qantas Freight will increase its domestic fleet with six Airbus A321 aircraft to meet growing e-commerce demand from its customers. Since the onset of COVID-19, the national carrier’s freig...

Lufthansa Technik reinforces commitment to apprentice training

After one of the biggest aviation industry crises, Lufthansa Technik AG's apprentice training program this year has returned in terms of numbers to roughly where it was in 2020: 186 young peo...

Thrive Aviation earns prestigious ARG/US Platinum Safety Rating

Thrive Aviation was awarded the coveted Platinum safety rating in an upgrade to their longtime Gold status, after completing an on-site audit with ARG/US' standards team. The review is an in-depth...

United launches new platforms for corporate customers to fully customize and manage business travel programs

United announces a new platform that will allow corporate customers to fully customize their business travel program contracts with the airline. This could include higher status in United's loyalt...

The drones news