Independent Online reports that the government of Malawi has announced that its national airline has been placed in voluntary liquidation. A new company, Air Malawi (2012), has been created and the government intends to select an investor to help recapitalise the airline.
So far, 11 local and international companies, including Ethiopian Airlines, South Africa's Comair and Botswana's Global Business Network, have expressed an interest in partnering with the airline. Air Malawi is saddled with debt of over $50 million, according to airline sources, arising mainly from the grounding of two of its four aircraft. The government will settle all of the company's debts.
Two Air Malawi Boeing 737 aircraft have been parked at a maintenance hangar in South Africa for three years, after the airline failed to pay for repairs and storage fees. The carrier has had to fly leased aircraft at “enormous cost and reduced frequency on the profitable routes” within the country and in the region.
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