Business / Companies
Air Zim owns property far less that the debt it owes
27 Oct 2015 at 06:36hrs | Views
The Deputy Minister of Transport and Infrastructural Development, Michael Madanha has said the debt that the Air Zimbabwe owes other institutions is worth more than the property it has hence it is now insolvent.
"We are all aware that Air Zimbabwe is our flagship carrier and definitely as the Ministry of Transport and Infrastructural Development, we would like to sit back in the air like yesterday," he said.
"It is not a hidden fact that Air Zimbabwe is almost insolvent. By that, I mean that the assets which Air Zimbabwe owns are now less than the debt that Air Zimbabwe has. Also, it is not a secret that the Ministry of Transport and Infrastructural Development, which always rescues Air Zimbabwe to recapitalize has no money."
He said so, what the Ministry is doing to revive the airline is, "we are trying to partner with any willing partners who want to recapitalize Air Zimbabwe and we operate Air Zimbabwe on a mutually beneficial basis. This would ultimately revive most of our routes which have been suspended up to now."
"We are all aware that Air Zimbabwe is our flagship carrier and definitely as the Ministry of Transport and Infrastructural Development, we would like to sit back in the air like yesterday," he said.
"It is not a hidden fact that Air Zimbabwe is almost insolvent. By that, I mean that the assets which Air Zimbabwe owns are now less than the debt that Air Zimbabwe has. Also, it is not a secret that the Ministry of Transport and Infrastructural Development, which always rescues Air Zimbabwe to recapitalize has no money."
He said so, what the Ministry is doing to revive the airline is, "we are trying to partner with any willing partners who want to recapitalize Air Zimbabwe and we operate Air Zimbabwe on a mutually beneficial basis. This would ultimately revive most of our routes which have been suspended up to now."
Source - Byo24News
