1st May 2020 17:38
(Alliance News) - Low-cost African airline fastjet PLC said Friday it has continued to suspend flight operations as the lockdowns in South African and Zimbabwe have extended their respective lockdowns.
The company is still looking to raise funds to continue operations, with measures including the potential sale of its fastjet Zimbabwe subsidiary to an investor consortium led by Solenta Aviation Holdings, as well as the sale of one its aircraft.
Currently, fastjet said that based on financial projections, funds available and revised creditor terms, it expects to be able to continue meeting its operational needs until the end of July.
As at April 22, fastjet had cash reserves of GBP1.9 million, of which GBP400,000 is in Zimbabwe.
In addition, fastjet has negotiated a USD600,000 loan facility with Solenta, to aid the company with its working capital.
Shares in fastjet closed 21% lower at 0.095 pence on Friday in London.
By Dayo Laniyan; [email protected]
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