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No investors for new Air Zimbabwe

Air Zimbabwe Holdings was recently unbundled ending almost 32 years of volatile service. The national airline was ruined through mismanagement, corruption and government interference, as well as market-related problems.

Moyo said frantic discussions were being held with potential funders but nothing tangible had been achieved. He said once operations resume, the new airline would start on a new clean image, unencumbered by the disbanded airline.

“The new company would start on a new slate with a clean image,” said Moyo. “The obligations of the old company remain with Air Zimbabwe Holdings and they shall respond to all queries such as debts and obligations to former employees. Some of the assets will be sold in order to retire the debt of the old Air Zimbabwe Holdings.”

Air Zimbabwe, which had old planes and was left in ruins by government which has destroyed many other state enterprises, owes various creditors about US$140 million.

Two of the company’s aircraft were briefly seized by creditors last year.

Aviation think-tank, the Centre for Aviation said in its latest issue that structural changes within the government should be effected first to benefit the country and trickle down to the airline.

“Before the new carrier can be taken seriously, it needs not only independent management, but also structural changes within the government to benefit the country and trickle down to the airline,” it said.

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