Air Namibia continues to haunt NAC
The ghost of liquidated national flag carrier Air Namibia continues to haunt the Namibia Airports Company (NAC), whose airports in Windhoek and Walvis Bay served as important hubs for the airline.
Two years down the line, Air Namibia’s closure and the consequences thereof have had a significant impact on the NAC, which depended on the defunct airline for over 65% of its operations.
NAC board chairperson Leake Hangala said efforts to get a full liquidation report were still ongoing.
“This matter remains a thorn in the flesh. Meetings have been held with the creditors, together with the joint liquidators; however, the full updated liquidators' report is still pending. The NAC is prioritising the matter, and a full comprehensive report will be submitted to the shareholder as progress is achieved on this matter,” he said.
At the time of its liquidation in February 2022, Air Namibia owed the NAC - which had successfully filed for its liquidation - N$700 million. Other notable local creditors at the time included the Namibia Civil Aviation Authority, which was owed N$76 million, and local fuel provider Engen Namibia, which was owed N$22.9 million.
Insolvency
Government cited Air Namibia’s insolvency as one of the key reasons guiding the decision to bring an end to the 75-year-old airline.
Its closure resulted in close to 700 employees losing their jobs, and left government having to honour a N$2.5 billion guarantee to United States-based leasing company Castlelake.
Prior to its liquidation, the Institute for Public Policy and Research (IPPR) had estimated that Air Namibia received N$6 billion in budgetary transfers from government to keep it flying since 1998.
The airline made a loss of N$119 million, while its historic debt amounted to N$1.3 billion.
Two years down the line, Air Namibia’s closure and the consequences thereof have had a significant impact on the NAC, which depended on the defunct airline for over 65% of its operations.
NAC board chairperson Leake Hangala said efforts to get a full liquidation report were still ongoing.
“This matter remains a thorn in the flesh. Meetings have been held with the creditors, together with the joint liquidators; however, the full updated liquidators' report is still pending. The NAC is prioritising the matter, and a full comprehensive report will be submitted to the shareholder as progress is achieved on this matter,” he said.
At the time of its liquidation in February 2022, Air Namibia owed the NAC - which had successfully filed for its liquidation - N$700 million. Other notable local creditors at the time included the Namibia Civil Aviation Authority, which was owed N$76 million, and local fuel provider Engen Namibia, which was owed N$22.9 million.
Insolvency
Government cited Air Namibia’s insolvency as one of the key reasons guiding the decision to bring an end to the 75-year-old airline.
Its closure resulted in close to 700 employees losing their jobs, and left government having to honour a N$2.5 billion guarantee to United States-based leasing company Castlelake.
Prior to its liquidation, the Institute for Public Policy and Research (IPPR) had estimated that Air Namibia received N$6 billion in budgetary transfers from government to keep it flying since 1998.
The airline made a loss of N$119 million, while its historic debt amounted to N$1.3 billion.
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