Business / Companies
Govt backs Air Zimbabwe reconstruction plan
28 Nov 2018 at 12:50hrs | Views
The government has backed a reconstruction plan for the national airline, Air Zimbabwe, after a creditors meeting on Thursday ruled out possibilities of liquidating the parastatal.
For an airline that is saddled with a $380 million debt, old equipment, failure to generate profit and subdued passenger and cargo volumes, all has not been well for the national airline.
The government instituted a reconstruction plan in September and Principal Director for Rail and Air in the Ministry of Transport and Infrastructural Development Mr Allowance Sango says restoration of confidence is the key target.
"There is no going back, we want to get back to full business and facilitate growth for key sectors," said Mr Sango.
To creditors, getting back their dues or money is a key cause for concern.
"We just want to get back the funds otherwise we do not need anything else apart from that," said a representative of the creditors.
The state-owned airline's administrator Mr Reggie Saruchera revealed plans are in progress to attract potential investors.
"We are just about to get the right and suitable partners to get everything on a proper course," Mr Saruchera said.
Creditors of the airline met with the administrator this Thursday to focus on modalities for the airline's revival.
For an airline that is saddled with a $380 million debt, old equipment, failure to generate profit and subdued passenger and cargo volumes, all has not been well for the national airline.
The government instituted a reconstruction plan in September and Principal Director for Rail and Air in the Ministry of Transport and Infrastructural Development Mr Allowance Sango says restoration of confidence is the key target.
"There is no going back, we want to get back to full business and facilitate growth for key sectors," said Mr Sango.
To creditors, getting back their dues or money is a key cause for concern.
"We just want to get back the funds otherwise we do not need anything else apart from that," said a representative of the creditors.
The state-owned airline's administrator Mr Reggie Saruchera revealed plans are in progress to attract potential investors.
"We are just about to get the right and suitable partners to get everything on a proper course," Mr Saruchera said.
Creditors of the airline met with the administrator this Thursday to focus on modalities for the airline's revival.
Source - ZBC
