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Fastjet, the low-cost African airline, said it had agreed to sell an Embraer 145 aircraft for US$2.2m to Solenta Aviation to reduce the debt shortfall from its Zimbabwean subsidiary.
Fastjet Zimbabwe, a subsidiary of the company, owed monies to Solenta relating to the maintenance and other aircraft related support activities of its Zimbabwean operations.
The sale reduced the group's creditor account owing by fastjet Zimbabwe to Solenta from US$3.6m to US$1.4m as at 31 March 2020.
'Following the suspension of the company's flight operations in Mozambique, one of the company's Embraer 145 aircraft remained idle and needed heavy maintenance,' the company said. 'Following the completion of the heavy maintenance, the company entered into an agreement with Solenta over the Sale of that Embraer 145 to settle part of Solenta's creditor position.'
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