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One of Africa’s most profitable airlines wants to take over Nigeria’s troubled Arik Air

31 Aug 2017 20:10:42

qz.com

Ethiopia Airlines is in negotiations to take over Arik Air, Nigeria’s largest airline.

An official from Ethiopia Airline has confirmed that the East African carrier is “willing and able to take over the management of Arik Air,” AP reports. Over the past year, Arik has been plagued by financial troubles which culminated in a government takeover back in February. Ethiopia’s takeover negotiations started following a request by Nigeria’s aviation ministry, AP says.

The takeover was attributed to Arik Air’s “heavy debt burden,” which left it unable to pay salaries and aircraft leases. The first public sign of trouble came last September when, due to insurance debt problems, the airline temporarily shuttered operations for a full day, leaving travelers stranded across the country. Nigeria’s government claimed its takeover would prevent job losses and protect investors.


Read full story: qz.com

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