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Air Zimbabwe tables debt strategy

by Staff reporter
04 May 2018 at 07:58hrs | Views
Air Zimbabwe (AirZim) board has approached government with a proposal to assume its huge debt overhang accrued from various quasi-government entities, as the struggling state-owned enterprises moves to clean its balance sheet.

AirZim is currently saddled with a debt of US$341 million. Of the debt, 92,2% amounting to US$314 million is local debt, while the foreign debt constitutes 8% at US$ 26,1 million.

The entity is struggling to court potential investment partners due to its poor balance sheet, among a myriad of other challenges besetting the airline. AirZim corporate services manager Tafadzwa Mazonde said that while the details are confidential, the set-off will be between the airline and government-related institutions.

Source - Zim Ind