Air Namibia needs $1.6 billion government bailout to avoid shut down

The works ministry has, however, shut down any plans to rescue the embattled company
Air Namibia needs $1.6 billion government bailout to avoid shut down

Air Namibia’s board has warned the government that the national airline could shut down if it does not get a $1.6 billion bailout by the end of this month.

The works ministry has, however, shut down any plans to rescue the embattled company.

These details are contained in a letter by the national airline’s former board chairperson Deidré Sauls-Deckenbrock, which she wrote a day before she resigned from the board two weeks ago.

The letter dated 28 August 2019 asked for a short-term financial fix, while the mid-term national budget is being finalised.

“The company requires urgent shareholder capitalisation in the amount of N$1,6 billion to be paid in two tranches of N$800 million each by 31 August 2019 and 30 September 2019,” Sauls-Deckenbrock stated.

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She warned that without these funds,” the imminent cessation [closure] of business operations is the most likely impact of not adequately funding the company, as required above”.


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