27 FEBRUARY 2017


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Article from BTNews 27 FEBRUARY 2017

Arik Air drops Heathrow

Having assumed control of the airline late last week, the Asset Management Corporation of Nigeria (AMCON) says Arik Air needs over $30m to resume full and uninterrupted operations.

The airline’s new head of the corporate communications, Jude Nwauzor, said in a statement that the “mess” met on the ground was actually greater than anticipated.#####

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 Heathrow, Johannesburg O.R. Tambo and New York JFK services have been suspended.  As of the end of last week only 10 of the airline’s 23 aircraft were said to be operational.

There are suggestions that Ethiopian Airlines could take over the management of the company.

Both British Airways and Virgin Atlantic offer daily non-stop flights to Lagos.

”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.”


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