Arik Air Moves To Offset Debts, Woos Foreign Investors

Fresh facts have emerged on possible return to life of Arik Air which was taken over in February 8th this year by the government which handed over the embattled airline to the Assets Management Corporation of Nigeria (AMCON) to manage due to the airline’s huge debt portfolio.

According to LEADERSHIP, Arik Air and the company started negotiation last week in London and have reached some commitments and a team has been selected by each company to continue with the negotiations, which continues this month.

The plank of discussion is on the shareholding and the depth of the debts, which creditors must back with evidence, and also operational conditions.

The negotiation was confirmed by the Chairman of Arik Air, Sir Joseph Arumemi-Ikhide in a telephone interview at the weekend.

Arumemi-Ikhide who was on a medical trip to London, said the investor has started negotiation with the shareholders of the company and so far both parties have had fruitful discussions as negotiation continues.

There are also indications that concerned government officials are aware of the meeting between Arik and the investor.

Sources also disclosed that the company is willing to build maintenance, repair and overhaul (MRO) facility in Nigeria if government gives it the needed support because it has voted funds to invest in Africa.