Air Namibia again threatened with liquidation for 22-year debt owed to the late Challengair
The liquidator of the defunct Belgian company Challengair calls for the liquidation of Air Namibia. This was the result of her non-payment of monthly installments of $ 24.2 million, ordered by two European courts. This is compensatory compensation for debts owed under an aircraft rental agreement concluded in 1998 with Challengair.
Air Namibia’s old debt to Challengair is once again threatening its survival. Interviewed by ch-aviation on Tuesday, October 6, Sisa Namandje, lawyer for Anicet Baum, the liquidator of the defunct Belgian company, revealed that he had called for the liquidation of the Namibian national company. This is as a result of the non-payment by the latter of the monthly installments relating to the settlement of a sum of 24.2 million USD.
The financial liability referred to here is an amount that Air Namibia is expected to pay to Challengair's beneficiaries. Indeed, the Namibian carrier was ordered by the courts of Paris (in 2011) and Munich (in 2015), to pay 25 million euros (29.4 million USD) as compensation for unpaid debts by this under a contract for the rental of aircraft with crew in 1998.
In claim of this due, the representatives of the defunct company began in January 2019, to seize funds belonging to Air Namibia, freezing part of its accounts in Europe. In a statement issued on December 18 of the same year, Air Namibia said it had reached an "amicable" arrangement with its creditors, without specifying its outlines.
The case, once thought to be settled, resurfaces as the company drags on $ 42.3 million in debt to its suppliers. To restore its solvency and implement a new profitable business model, the company needs 8 billion Namibian dollars (475 million USD). Since September, the salaries of some company employees have been cut in half. This is to reduce its operating costs and guarantee its survival.
Air Namibia’s old debt to Challengair is once again threatening its survival. Interviewed by ch-aviation on Tuesday, October 6, Sisa Namandje, lawyer for Anicet Baum, the liquidator of the defunct Belgian company, revealed that he had called for the liquidation of the Namibian national company. This is as a result of the non-payment by the latter of the monthly installments relating to the settlement of a sum of 24.2 million USD.
The financial liability referred to here is an amount that Air Namibia is expected to pay to Challengair's beneficiaries. Indeed, the Namibian carrier was ordered by the courts of Paris (in 2011) and Munich (in 2015), to pay 25 million euros (29.4 million USD) as compensation for unpaid debts by this under a contract for the rental of aircraft with crew in 1998.
In claim of this due, the representatives of the defunct company began in January 2019, to seize funds belonging to Air Namibia, freezing part of its accounts in Europe. In a statement issued on December 18 of the same year, Air Namibia said it had reached an "amicable" arrangement with its creditors, without specifying its outlines.
The case, once thought to be settled, resurfaces as the company drags on $ 42.3 million in debt to its suppliers. To restore its solvency and implement a new profitable business model, the company needs 8 billion Namibian dollars (475 million USD). Since September, the salaries of some company employees have been cut in half. This is to reduce its operating costs and guarantee its survival.
Source: newsaero
