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Debt-ridden AirZim invites investors

By Pauline Hurungudo

Air Zimbabwe is inviting tenders from interested parties to invest in the stuttering airline.

File picture of an Air Zimbabwe plane
File picture of an Air Zimbabwe plane

In a notice published yesterday, Air Zimbabwe Holdings administrator Reggie Saruchera said that interested bidders were to lodge their bids with Grant Thornton Chartered Accountants.

“Tenders are hereby invited from interested parties to invest in Air Zimbabwe. Parties interested in investing are required to register their interest with the Air Zimbabwe administrator…” he said.

This comes after the airline had been placed under reconstruction in terms of the Reconstruction of State-Indebted Insolvent Companies Act (Chapter 24:27).

Saruchera, lead partner of Grant Thornton, was appointed administrator of the reconstruction after the airline had been struggling under gross loss, with debt amounting to $350 million.

He said the invite was not open to buyers but to investors, who would sign a non-disclosure agreement prior to receiving the information memorandum and other relevant documentation.

“The invitation is not a prospectus and does not constitute or form part of any solicitation or invitation or any offer to the public to purchase the company or to subscribe to any ordinary shares or any other shares in Air Zimbabwe,” Saruchera said. DailyNews