Zimbabwe Assumes State Airline’s $140 Million Debt, Herald Says

The Zimbabwean government will
assume responsibility for Air Zimbabwe (Pvt) Ltd.’s $140
million debt, the state-controlled Herald said, citing Transport
Minister Nicholas Goche.

The nation will seek a partner for Air Zimbabwe through a
private share sale, with the investor buying the airline’s
assets to offset debt, the newspaper reported. The airline will
also find a technical partner for National Handling Services, a
unit of the carrier, the Herald said.

The sale of shares in NHS would go toward paying the

airline’s debts, the newspaper reported. The airline will also
fire staff in order to cut spending, it said.

To contact the reporter on this story:
Brian Latham in Johannesburg at
[email protected]

To contact the editor responsible for this story:
Antony Sguazzin at
[email protected]

Article source: http://www.bloomberg.com/news/2011-10-24/zimbabwe-assumes-state-airline-s-140-million-debt-herald-says.html

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