WINDHOEK
Government has finally pronounced that it will liquidate Air Namibia. To make sense of the announcement, Namibian Sun - through the help of analysts - unpacks the move and its consequences.
Liquidation is entered into when a company is unable to meet its obligations or when its liabilities (what it owes), exceeds its assets (what it owns).
Air Namibia’s voluntary liquidation simplified: · Independent registered liquidator to take control of Air Namibia so its affairs can be wound up in an orderly and fair way to benefit creditors. · Challenge Air and other creditors cannot commence or continue legal action against Air Namibia.
04 February 2021 | Transport
HE SAID, SHE SAID: The board of directors of Air Namibia has accused government of gross interference. PHOTO: NAMPA
OGONE TLHAGE
WINDHOEK
Less than a week after committing Air Namibia to a last-ditch settlement agreement worth N$178 million, which the shareholder claims to not have endorsed, all four of the national airline’s board members tendered their immediate resignations yesterday.
They are Escher Luanda, Heritha Muyoba, Willy Mertens and presidential pilot Alois Nyandoro.
Last Friday, the board reached a last-minute settlement agreement with Belgian company Challenge Air, which applied to the High Court for the liquidation of Air Namibia.