Air Namibia’s liquidator finalised … as creditors gun for N$895m

Andrew Kathindi

Bruni & Mclaren were appointed final liquidator of Air Namibia at a meeting held at the Masters of the High Court on Wednesday morning.

The serial liquidators were previously appointed on a provisional basis.

This was the first meeting between Air Namibia and creditors after the airline’s liquidation was finalised last month by Acting High Court Judge, Kobus Miller, after the Namibia Airports Company (NAC), who are Air Namibia’s biggest creditor, had filed an application.

The purpose of Wednesday’s meeting was to consider the statement of affairs (a legal document listing the assets and liabilities of the Airline before liquidation), to verify proof of claims of the three creditors and to appoint the final liquidator.

The three creditors are seeking a combined claim of N$895 million. They are Anicent Baun, liquidators representing Challenge Air which is seeking N$173 million; the NAC, which has a N$711 million claim; and Paragon Investment Holdings seeking N$11 million. According to the office of the Masters of the High Court, a ruling was made on the date of determination, stating that creditors may not claim interest beyond 24 February, the date when the airline was put on provisional liquidation by the High Court.

The parties are now expected to meet within the next three months when the liquidators are expected to have finalised on the claims made.

Public Enterprises Minister, Leon Jooste, had previously revealed that the airline had over N$3 billion worth liabilities and N$981 million worth assets.

“The net economic costs of Air Namibia’s operations far outstrip the net gains, and it is thus unsustainable. It is estimated that so far government has spent more than N$8 billion on Air Namibia,” Finance Minister Iipumbu Shiimi previously stated regarding the airline.

The meeting also comes after lawyers representing Anicent Baun, who are liquidators representing Challenge Air had in February served Air Namibia with a writ of execution after the company breached a settlement, in which it had agreed to pay N$ 103 million, being a settlement amount for a lease agreement debt.

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