Belgian creditor seems to grab Air Namibia’s property

Legal professionals representing defunct Belgian airline ChallengeAir moved on Friday to grab Air Namibia’s headquarters after the state service did not honour a 10 million euro ($12.14 million) settlement settlement reached final month to put it aside from liquidation.

Air Namibia survived liquidation makes an attempt by creditor ChallengeAir SA in January when the 2 corporations reached the settlement settlement minutes earlier than liquidation proceedings had been attributable to kick off.

Moneyweb InsiderINSIDERGOLD

Subscribe for full entry to all our share and unit belief information instruments, our award-winning articles, and assist high quality journalism within the course of.

ChallengeAir filed in October for Air Namibia to be liquidated, arguing Air Namibia was bancrupt and unable to repay about 253 million Namibian ($17 million) in debt incurred for the lease of a Boeing 767 again in 1998.

Air Namibia had cancelled the lease settlement, after discovering that the plane was faulty. Negotiations between the 2 corporations have been deadlocked since 2019.

In court docket papers filed on Friday and seen by Reuters, lawyer Sisa Namandje instructed the Deputy Sheriff for the district of Windhoek to grab and take over Air Namibia’s head workplace, valued at 45 million Namibian ($three million), to get well 5.eight million euros that turned due on Thursday.

As a part of the settlement settlement, Air Namibia had agreed to pay ChallengeAir 9.9 million euros, starting with a 5.eight million euro cost earlier than February 18 and month-to-month instalments thereafter, till January 2022. ChallengeAir went out of enterprise greater than twenty years in the past.

Namibia’s public enterprises minister Leon Jooste didn’t reply to textual content messages requesting remark despatched by Reuters.

Finance Minister Iipumbu Shiimi introduced final week that the airline has been positioned into voluntary liquidation, calling the airline, which is 100% state owned, “unsustainable”.

The federal government valued Air Namibia’s property at 981 million Namibian , Shiimi stated.

This week, the nation’s greatest commerce union, the Nationwide Union of Namibia, employees and several other opposition events held nationwide demonstrations in opposition to the federal government’s resolution.

Air Namibia employs 644 employees. It has failed to supply monetary statements in recent times regardless of receiving greater than eight billion Namibian in state bailouts over the previous twenty years.