AirZimbabwe Board of Directors dissolved and administrators called in

Hot on the heels of the now concluded General Election in Zimbabwe, which saw President Emmerson Mnangagwa returned to office, are news emerging from Harare that the board of the national airline has been dissolved and Grant Thornton been appointed as administrators of the state corporation.

It is not clear at this time if this action will result in the formal winding up of the company or if the brief of Grant Thornton will include a restructuring of the national airline and to present proposals to government how debts can be settled which have dragged the airline to near ruin.

It is equally unclear at this stage where this leaves a new airline formed in the dying days of the Mugabe regime, Zimbabwe Airways, which was according to earlier information received from Harare to be merged with the national airline. However, a legacy debt of over 300 million US Dollars incurred by Air Zimbabwe has in the past kept potential investors away and government is now clearly pondering which way to go, vis a vis the debt and the airline itself.

Source: ATC News