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WINDHOEK, Jan. 30 (Xinhua) — Financially-beleaguered Air Namibia on Friday survived liquidation attempts by defunct Belgian company ChallengeAir SA which had applied to the Namibian High Court to have the carrier liquidated.
ChallengeAir SA had filed for the loss-making flag carrier’s liquidation, arguing it is insolvent and unable to repay about 16.7 million U.S. dollars in debt incurred for the lease of a Boeing 767 back in 1998. Air Namibia canceled the lease agreement after it had found that the aircraft was defective.
Lawyers representing the two parties reached a settlement agreement minutes before the liquidation proceedings were due to start in the capital Windhoek.
Air Namibia will pay ChallengeAir SA 12 m…
Read the full article at: http://www.xinhuanet.com/english/2021-01/30/c_139708734.htm