Browsing: Bankruptcy of airlines

If African airlines are to survive the covid-19 pandemic onslaught, then the immediate injection of cash is needed to avoid insolvency or bankruptcy of the airlines.

Carriers on the continent are expected to lose US$ 8.1bn in revenues this year in the severe and an unprecedented event which is forcing players under the African Airlines Association (AFRAA) to seek more avenues for support to the industry.

The Afreximbank has however assured that there are existing opportunities for African airlines under the bank’s Pandemic Trade Impact Mitigation Facility (PATIMFA).

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AFRAA’s Secretary-General, Abdérahmane Berthé notes that the impact of the pandemic is enormous and it could lead to insolvency or bankrupting African airlines in 2020.

The continental airlines’ body headquartered in Nairobi has proposed setting up an aviation sectorial covid-19 recovery fund for the support of the airline industry.

“We will continue to seek …