COVID-19: Medview To Sell Two Aircraft To Offset Debt, Kickstart Operations

Medview Airline Plc has said that it will sell two of its aircraft to enable the company to offset its debts and begin operations after the COVID- 19 lockdown.

The company disclosed this on Friday after the board reached a resolution on Thursday.

The Minister of Aviation, Hadi Sirika, had said the aviation sector lost N21bn on monthly basis during the COVID- 19 induced lockdown in the country.

According to Airline Operators of Nigeria, airlines lost over N360bn between March and April following the outbreak of coronavirus.

Medview said following the distress caused by the pandemic, it reached a resolution for the “Approval for the sale of two aircraft.”

According to the Lagos based Airline, the aircraft to be sold are B737-400 5NMAA in Estonia and B737-400 5NMAB in Lagos.

Medview said, “This is in order to enable the company to liquidate part of its indebtedness and inject part of the funds into its operations so as to jump-start it again after the covid-19 pandemic total lockdown.”

Recall that the company had between November 2018 to June 2019 layed-off 90 percent of its employees.

The airline owes sacked and existing workers at least N1.5bn in salary arrears, pension, and other entitlements according to reports.