Categories: Zim Latest

Air Zimbabwe set to commence negotiations, settlement of creditors

National flag career Air Zimbabwe’s administrator is set to commence negotiations and settlement of both local and foreign creditors in a phased approach following the government’s decision to approve payment of creditors whose claims were verified during the ongoing reconstruction process.

Air Zimbabwe which was placed under Reconstruction in terms of the State-Indebted Insolvent Companies Act on the 5th of October 2018 is set to commence the settlement of creditors according to a recent general update statement issued by the Administrator.

In a statement issued to the airline’s creditors Air Zimbabwe Administrator Reggie Saruchera informed the creditors of the resettlement plan and other key strategic issues which include the shareholder’s recent move to avail funds for the acquisition of a second Embraer 145 aircraft.

“Government has approved the settlement of creditors whose claims were proved and verified during the current reconstruction phase process. The Administrator and his team will commence negotiations and settlement of both local and foreign creditors in a phased approach,” reads part of the statement.

Meanwhile, the national airline has also announced special festive season flights from Harare to Victoria Falls on selected days between the 21st of December and the 3rd of January. Air Zimbabwe Spokesperson Firstme Vitori says there has been overwhelming, response to the special festive period flights.

“As Air Zimbabwe we are pleased to announce that we have put in special flights into the resort city of Victoria Falls for the festive season. Our flights will resume on the 21st of December, it is on selected days, which is from the 21st run through to the 3rd of January. I must also say we have put this schedule and departure times with the day tripper in mind for their convenience.”

Cabinet recently approved that government should assume the airline’s debt estimated at over US$300 million and also endorsed the entity’s post reconstruction business plan. The shareholder also extended Air Zimbabwe’s reconstruction period to June 30, 2021 as part of ongoing efforts to revive the strategic entity. -zbc

 

Share

Recent Posts

Bikita man(37) dies after sexual encounter with 17 yr old girl

A Bikita man Kudakwashe Ocram Magaya Mushayi (37) was discovered dead under mysterious circumstances near… Read More

28th February 2024

MDC-T Leader, Douglas Mwonzora, Sued by Ex-Lover for Alleged Neglect of 9-Year-Old Son

The leader of the MDC-T opposition party, Douglas Mwonzora, finds himself entangled in legal proceedings… Read More

28th February 2024

Mastering the Art of Trading with MetaTrader 4’s Charting Capabilities

The trading world is a maze where danger and fortune coexist in equal portions. More… Read More

28th February 2024

CCC vice president Tendai Biti fined US$300 for insult

Harare Magistrate Vongai Guwuriro has ordered Citizens Coalition for Change (CCC) vice president Tendai Biti… Read More

27th February 2024

Film director Jonathan Samkange releases new movie

Image- Zbc Award-winning film director, Jonathan Samkange has launched a new movie which is expected… Read More

27th February 2024

Gold Coin and Gold-backed Digital Token Prices – 27 February 2024

The Reserve Bank of Zimbabwe -RBZ- has released the latest prices for the gold coins… Read More

27th February 2024