Showing posts with label Air Zimbabwe. Show all posts
Showing posts with label Air Zimbabwe. Show all posts

06 October, 2018

Air Zimbabwe goes into administration in desperate bid to resuscitate the struggling airline

The commercial aviation industry in Zimbabwe saw an interesting turn this week when it was confirmed in official reports that the government has appointed an independent administrator to take over the day to day running of the loss-making national airline.

Air Zimbabwe has been struggling to turn a profit for quite some time and has amassed more than $300 million in debts, including to foreign creditors and had faced a very uncertain future. The airline had been forced to axe most international routes, ground and store three of its current fleet, leaving just three in an airworthy and operational condition. 

Chartered accountant Reggie Saruchera has been appointed by Justice Minister Ziyambi Ziyambi to work as 'administrator' of Air Zimbabwe in an effort to turn the fortunes around for the ailing air company.  Saruchera has been granted the power to “raise money in any way without the authority of shareholders for the purposes of the reconstruction,” of the airline and it is hoped positive signs will become visible early next year.

 The government announced back in April this year it had purchased two Boeing 777s from Malaysia, along with a smaller Embraer aircraft for future development of Air Zimbabwe. However, the government said the airframes would be leased out until Air Zimbabwe returned to profitability. 

On Friday, Finance Minister Mthuli Ncube said the government was hoping to sell stakes in Air Zimbabwe and other state-owned companies under a package of reforms. That could be a risky strategy, historically the airline failed to garner investment from the private sector and few companies would be willing to invest in an operation with so much debt. 

(Images Air Zimbabwe)

01 November, 2017

The New Zimbabwe Airways - Owned by Robert Mugabe Heading to London?

It is being reported in local media that the Zimbabwean President Robert Mugabe is the main financial backer and owner of the new national airline, Zimbabwe Airways.

The news has been widely condemned by opposition leaders and politicians through Africa who fear decades of corruption and embezzlement by Mugabe has given him a vast personal wealth that affords him the possibility of owning his own airline. The 93-year old's wealth has increased year on year, whilst most of the country are unemployed (80%) and struggling to even survive. He will become the first head of state in the world to own a national airline.

Leading opposition party, the People's Democratic Party (PDP) are not pleased, "The first family has become a centre of corruption and looting and is a disgrace," Jacob Mafume,  PDP spokesman told local media. Adding "That a deal can be negotiated on behalf of the state and then turned into a family entity is criminal, Zimbabweans must be angry. The law of the land does not allow a president to use his official position for personal gain."

14 July, 2017

Air Zimbabwe Lays Off Half its Workforce

Zimbabwe's state-owned airline has laid off 200 workers, roughly half of its staff, with immediate effect.

The job losses are part of a turnaround strategy to bring struggling Air Zimbabwe back to profitability from a $300m (£230m) debt.

Last month the EU banned it from using its airspace, citing safety concerns.  There have been major changes at the national airline since President Robert Mugabe's son-in-law took over as chief operating officer last year.  Money has been hemorrhaging from the company ever since. 

07 May, 2015

Rescue for Air Zimbabwe

Troubled airline Air Zimbabwe will hold talks with several potential strategic partners after government agreed to take over its toxic $298 million debt.

 Air Zimbabwe. The talks will be completed during the third quarter of this year, according to Zimbabwe's Transport Minister, Obert Mpofu “We have some interest from some reputable airlines which have shown keenness to partner Air Zimbabwe, especially when we clean up our balance sheet, which has been of great concern to potential investors.  - Government has undertaken to warehouse that debt and let the new arrangement start on a clean slate.”

23 April, 2011

Air Zimbabwe Flights Resume

Air Zim resumes flights to London | Air Zimbabwe, pilots strike, Captain Eben Murapa, Captain Alex Makanda, Air Zimbabwe Acting Chief Executive Officer, Innocent Mavhunga
THE first international flight marking an end to Air Zimbabwe pilots’ month-long strike left for London, Gatwick Thursday morning, after government brokered a deal to end the impasse between the employer and employees.