Air Namibia to be placed in liquidation

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Air Namibia to be placed in liquidation

Unread post by Deanw »

Seems Air Namibia will be placed in liquidation before 18 Feb.
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Re: Air Namibia to be placed in liquidation

Unread post by dr727 »

10.02.2021 - 22:51 UTC

Air Namibia (SW, Windhoek Int'l) has announced the cancellation of all its operations, effective February 11, as the country’s government is poised to announce its flag carrier's voluntary liquidation.

In a late-night notice on social media, the 75-year-old airline announced that all its aircraft would be grounded. Its reservations system was suspended with no new bookings being accepted from February 11, 2021. Passengers have been advised to register claims for refunds.

Air Namibia spokesperson Twaku Kayofa told ch-aviation the government was expected to make an announcement on February 11 to explain its decision.

Kayofa confirmed that trade union representatives had informed the company’s 636 employees on February 10 that they would receive an ex gratia pay-out equal to 12 months of salary, but no benefits.

The government, the airline’s executive, and unions are to meet on Thursday to discuss the liquidation's finer details. Cabinet has already approved the voluntary liquidation of the airline with a three-person board of directors now appointed to prevent the airline’s assets from being attached in case of failure to pay creditor Challengair (1I, Brussels National) its first instalment next week.

According to the Namibian Sun newspaper, the board includes lawyer Norman Tjombe, businesswoman Hilda Basson-Namundjebo, and economist James Cumming who will collectively assist interim CEO Theo Mberirua in running the company.

The decision to shutter the 75-year-old carrier follows the airline’s board's resignation on February 3, after the government did not oppose an application in the Namibian High Court to have the airline liquidated. The application was made by the estate of former Belgian operator Challengair over outstanding payments on legacy debt of 1998 concerning the lease of a B767-300(ER). Lawyers representing both parties reached an 11th-hour out-of-court settlement on January 28 for EUR9.9 million (USD11.9 million), but without the government's apparent support, who said it could not afford to bail out the airline, nor had it managed to find it a strategic equity partner. The first installment of EUR5 million (USD6 million) on the settlement was due on February 18. Kayofa told ch-aviation Challengair would join the list of creditors following liquidation.

Finance Minister Ipumbu Shiimi earlier said a turnaround plan for the cash-stricken flag carrier would cost taxpayers significantly more than NAD7 billion Namibian dollars (USD461.6 million), after already spending NAD8.4 billion (USD554 million) in the past 10 years to bail out the airline. He said Air Namibia had been loss-making since its inception, plagued by a flawed business model that rendered 15 out of its 19 routes unprofitable. A combination of the types of aircraft, routes, high employee numbers, and other structural inefficiencies had contributed to the financial distress of the company.

At the time of its collapse, Air Namibia's fleet entailed four A319-100s (of which two are owned and one is leased from Deucalion Aviation Funds), two A330-200s (both leased from Castlelake), four EMB-135ERs (owned), and one inactive B737-500 (owned). The Namibian government has been in contact with the lessors, Kayofa said.
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Re: Air Namibia to be placed in liquidation

Unread post by Slam and Go »

My condolences to the 600 employees
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Re: Air Namibia to be placed in liquidation

Unread post by Airplaneguy9 »

And Air Namibia itself, of course
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Re: Air Namibia to be placed in liquidation

Unread post by Johan Swakopmund »

I applaud the way Air namibia do the shut down.
I have quite a few friends and people i know who work for them.
At least it is not a feet dragging , not knowing what's going on business as SAA.

Pilots , ground staff all have clarity and know they have to move forward in which ever way they can.

RIP Airnam

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Re: Air Namibia to be placed in liquidation

Unread post by African Flyer »

dr727 wrote: Thu Feb 11, 2021 1:23 pm 10.02.2021 - 22:51 UTC

At the time of its collapse, Air Namibia's fleet entailed four A319-100s (of which two are owned and one is leased from Deucalion Aviation Funds), two A330-200s (both leased from Castlelake), four EMB-135ERs (owned), and one inactive B737-500 (owned). The Namibian government has been in contact with the lessors, Kayofa said.
RIP Air Namibia. Never once had a bad flight with them.

How much are their 7 owned aircraft worth?
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Re: Air Namibia to be placed in liquidation

Unread post by Tic »

Did anyone notice the aircraft the in the online report for EWN was V5 - NMD (MD-11) which left the fleet about 15 odd years ago?
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Re: Air Namibia to be placed in liquidation

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Re: Air Namibia to be placed in liquidation

Unread post by Wout »

Air Namibia - V5 ANP.jpg
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Re: Air Namibia to be placed in liquidation

Unread post by African Flyer »

Wout wrote: Mon Mar 22, 2021 1:00 pm Air Namibia - V5 ANP.jpg
Getting ready to return to lessors
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Ruling Party wants to revive the airline

Unread post by African Flyer »

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Re: Ruling Party wants to revive the airline

Unread post by Ugly Duckling »

Hmmmm :-k for sure.
The baby Bus sitting at SAA Technical is in a sad state but Viva we wanna fly :twisted:
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Re: Ruling Party wants to revive the airline

Unread post by V5 - LEO »

Ugly Duckling wrote: Fri Jan 06, 2023 1:50 am
Hmmmm :-k for sure.
The baby Bus sitting at SAA Technical is in a sad state but Viva we wanna fly :twisted:
....no fear uncle Paul, the mumblings of an upcomming minister in a party loosing its popularity just like the aencee and pre-voting year, we have become accustomed too clowns regurgirating BS for self preservation and image.

The state coffers is still reeling from the payouts made late last year to crew and staff, enough for treasury to be booked into highcare long after the ballot boxes are closed.
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Re: Air Namibia to be placed in liquidation

Unread post by Balloothebear »

According to the ch-aviation fleets advanced module, two Air Namibia A319-100s are stored at Windhoek Int'l and Johannesburg, respectively, while three of its EMB-135ERs are stored at Windhoek Eros and one at Durban King Shaka.

Storing an EMB-135 at King Shaka .. not sure where …. Nothing visible … if it was ,it would be a corroded piece of aluminium right now 🤣
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