Kingfisher will not receive money from SBI
13th March 2012
Air Namibia managed to avoid liquidation proceedings on Friday January 19 by reaching an out-of-court settlement with a lessor creditor. The airline owed 253-million Namibian Dollars (R253m) for an aircraft it had leased more than 20 years ago. In 1998, Belgian aircraft leasing company ChallengeAir provided Air Namibia with a Boeing 767 aircraft for use on the national carrier’s route network. Air Namibia claimed the Boeing 767 aircraft it had received was defective and unfit for use. Air Namibia subsequently cancelled its contract with ChallengeAir for the hire of the aircraft. ChallengeAir filed for the liquidation of the national carrier in late 2020. It said Air Namibia was insolvent and unable to repay its debts to ChallengeAir.
An out-of-court settlement was reached between the two parties, resulting in liquidation being avoided and Air Namibia being saved from collapse. Namibia’s national carrier and the Belgian aircraft lessor agreed on a settlement figure of €9.9m (R178.6m). Air Namibia has agreed to make an initial payment of €5m (R90.1m) before 18 February. The airline will pay off the balance in monthly instalments by January 2022. Air Namibia flies to Luanda (Angola), Harare and Victoria Falls (Zimbabwe), Lusaka (Zambia), Gaborone (Botswana), Johannesburg, Cape Town and Durban (South Africa). It also flies between Windhoek and Frankfurt in Germany.