NEW!  BREAKING NEWS: Top 5 world’s richest people in 2020 Read More

World News

Air Namibia Suspends Flights after Government file for Voluntary Liquidation

1 Mins read

The airline has failed to turn around its fortunes despite years of state bailouts.

Air Namibia, the southern African nation’s cash-strapped flagship carrier, suspended all operations from Thursday after a government decision to file for voluntary liquidation. 

“All flight operations will be cancelled, with all aircraft returning to base,” Air Namibia said on social media.

Lawyers representing Air Namibia and Belgian company Challenge Air SA reached an agreement to have the carrier liquidated.

The board of the national carrier resigned on February 3.

A settlement agreement was reached in December 2019, where Air Namibia acknowledged it owed Challenge Air over N$330 million and undertook to pay the sum in monthly instalments.

Namibia is expected to announce voluntary liquidation on Thursday, which is expected to leave over 600 staff members unemployed.

Finance Minister Iipumbu Shiimi said about N$8.4 billion ($569.8 million) had been spent to bail out the airline in the past 10 years.

Related posts
World NewsMetro

See what Trump said reacting to President Biden pulling US troops out of Afghanistan on September 11

1 Mins read
Trump offered his support of President Joe Biden’s plans to bring home American troops from Afghanistan but urged Biden to draw an…
MetroWorld News

Bernie Madoff, The mastermind behind the largest Ponzi scheme in history of an estimated $65 billion, dies in prison at 82

2 Mins read
Bernie Madoff has died in prison after about 12 years into a 150-year prison sentence stemming from fraud charges that bilked thousands…
World NewsBeauty & HealthMetro

US orders a pause on Johnson & Johnson COVID-19 vaccine due to several reported cases of blood clots after administered

1 Mins read
The US, reporting via the Food and Drug Administration (FDA) has ordered the suspension of the Johnson & Johnson COVID-19 vaccine after…
Please SUBSCRIBE for our Latest News

 

0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
x
0
Would love your thoughts, please comment.x
()
x