in Route Planning & Tourism

Arik Air drops London and Johannesburg routes

Posted 15 February 2017 · Add Comment

Having assumed control of the airline late last week, the Asset Management Corporation of Nigeria (AMCON) said Arik Air requires over NGN10 billion naira (USD31.7 million at the official bank rate) for it to resume full and uninterrupted operations, reports ch-aviation.

The state-owned firm's Head of the Corporate Communications, Jude Nwauzor, said in a statement that the “mess” met on ground was actually greater than anticipated. 

“It appears that unlike previously recorded, Arik has debts in excess of NGN300 billion (USD953 billion at the official bank rate), especially with some banks, excluding fuel suppliers, lessors and maintenance companies," he said adding that all creditors' claims will be addressed in due course. 

AMCON last week blamed Arik Air's persistent financial woes on its "bad corporate governance". 

Since moving into position, it says insurance cover for Arik's aircraft, which were to have expired on Sunday, 12 February, has been paid with its aircraft gradually resuming flights. The airline's New York JFK service was suspended this past week.

The decision has since been taken to suspend the carrier's flights to London Heathrow and Johannesburg O.R. Tambo in favor of focusing on the West African market. 

”The strategic business decision is meant to realign our operations and refocus on satisfying our domestic and West Africa and other international passengers," Nwauzor added. “It will also present Arik with excellent opportunity to engage and discuss with creditors who have become restive since the intervention and have also understandably exhausted their patience due to non-payment of accumulated debt and non-performance on services and contracts.”

* required field

Post a comment

Other Stories
Advertisement
Latest News

Exhilarating aerial race heads to Africa

The world’s only long distance paramotor race, the Icarus Trophy, will visit Africa for the first time.

Bombardier reports fourth quarter and full year 2017 results

Bombardier has released its fourth quarter and full year 2017 results, highlighting solid financial and operational performance across the company.

Bruno Even appointed CEO of Airbus Helicopters

Airbus SE has appointed Bruno Even, 49, Chief Executive Officer (CEO) of Airbus Helicopters, effective 1 April 2018. He will report to Airbus CEO Tom Enders and join the company’s Executive Committee.

Lockheed Martin delivers 400th C-130J Super Hercules Aircraft

Lockheed Martin reached a major milestone with the delivery of its 400th C-130J Super Hercules aircraft on Feb. 9. This Super Hercules is an MC-130J Commando II Special Operations aircraft that is assigned to the U.S. Air Force’s Special

Flydubai adds Kinshasa to its African network

Flydubai has announced the start of flights to Kinshasa, the capital of the Democratic Republic of the Congo (DRC) from 15 April.

Air Peace takes delivery of its second Embraer 145

Air Peace has taken delivery of its second Embraer 145 jet in a bid to end the travel difficulties of the nations’s unserved and underserved cities, reports The Afritraveller.

Aviation Africa SK18418
See us at
Aviation Africa BT18418Global Aerospace BT010518