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.
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”.
Copyright: News Central TV
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.