Some private equity investors are reportedly seriously considering investing in Arik Air and Aero Contractors – two distressed local airlines that have been taken over by the Asset Management Corporation of Nigeria (AMCON).
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Arik Air risks being sold or liquidated by the Federal Government. Already, the Asset Management Corporation of Nigeria (AMCON) has filed an affidavit at the Federal High Court, Lagos in a bid to recover its debts put in excess of N387 billion. It was learnt that government is contemplating selling off or liquidating the airline to recoup its investment in […]
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The Asset Management Corporation of Nigeria (AMCON) has been accused of cannibalising Arik Air aircraft and using the parts to repair the fleet of Aero Contractors. Sources from the airline disclosed that an engine of a Bombardier Dash 8, Q400, was taken away from Arik aircraft with registration, 5N-BKV, and given to Aero to fix in the same aircraft type, […]
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The management of Arik Air says it has resolved the impasse with labour unions, which affected it operations on Thursday. The airline said the impasse, which was led by the Lagos State branch of National Union of Air Transport Employees (NUATE), Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and National Association of Aircraft Pilot and Engineers (NAAPE) was […]
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Labour unions in the aviation sector on Thursday shut down Arik Air operations, vowing to continue the action until the airline agreed to implement the agreement reached by the two parties in December. The unions involved in the action are National Union of Air Transport Employees, Air Transport Services Senior Staff Association of Nigeria and National Association of Aircraft Pilots […]
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Asset Management Corporation of Nigeria (AMCON) and Odengene Air Shuttle (OAS Helicopters) have began talks over debt payment plan and withdrawal of a takeover bid of the helicopter service company. AMCON, which sealed the company a fortnight ago, said essence of the action was to draw attention of the management, which OAS is currently doing to resolve the issues. The […]
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The Asset Management Corporation of Nigeria has taken over Odengene Air-Shuttle Services Helicopters in Lagos following a court order. AMCON had on Tuesday sealed the company at Maryland in Lagos, indicating that the company had been taken over by AMCON. The order on the company’s office reads: “POSSESSION TAKEN TODAY 14/2/17 BY AMCON COURT ORDER ON SUIT NO. FHC/4CS/1139/2016
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