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Fastjet sells Embraer to cut Solenta debt
24th Apr 2020 08:38
(Sharecast News) - Low-cost African airline Fastjet said on Friday was selling one of its Embraer 145 aircraft for $2.2m as part of an effort to settle a debt with Solenta Aviation.
The sale came after Fastjet racked up debt with Solenta relating to the maintenance and related support activities of its Zimbabwean operations.
After the AIM-listed group's flight operations in Mozambique were suspended, one of its Embraer 145 aircraft remained idle and needed heavy maintenance. Following completion of the work, Fastjet entered into an agreement with Solenta to settle part of the latter's creditor position.
Fastjet received a credit note from Solenta for the sale, reducing its debt with the group to $1.4m from $3.6m.
As of 0835 BST, Fastjet shares were flying 8.33% higher at 0.065p.
The sale came after Fastjet racked up debt with Solenta relating to the maintenance and related support activities of its Zimbabwean operations.
After the AIM-listed group's flight operations in Mozambique were suspended, one of its Embraer 145 aircraft remained idle and needed heavy maintenance. Following completion of the work, Fastjet entered into an agreement with Solenta to settle part of the latter's creditor position.
Fastjet received a credit note from Solenta for the sale, reducing its debt with the group to $1.4m from $3.6m.
As of 0835 BST, Fastjet shares were flying 8.33% higher at 0.065p.