Air Zimbabwe seeks capital injections

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By TESTCustomwebLP TESTCustomwebLP March 17, 2015 21:15

Air Zimbabwe seeks capital injections

State-owned Air Zimbabwe is insolvent and has stated it will need $260 million in new capital to stay afloat. The airline wants the government to take over its $298 million in debts to help turn around the loss-making carrier.

“What’s currently happening right now is that Air Zimbabwe is like a patient who is in dire need of fluids otherwise they die of dehydration,” Pagiel Chimudzi, the airline’s general manager for finance, told a committee of parliament. “The airline is actually insolvent. I came in two weeks ago and I will tell you what I saw on the ground, its people who are running fire-fighting.”

Chimudzi said the new capital would have to come from the government or the airline would seek a new shareholder.

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By TESTCustomwebLP TESTCustomwebLP March 17, 2015 21:15