AIR ZIMBABWE ADMINISTRATORS ATTEMPT TO ASCERTAIN EXACT DEBTS
(Posted 27th November 2018)
Grant Thornton, appointed earlier in the year as administrators of financially crippled Air Zimbabwe, have called for a meeting of creditors to establish the exact level of debt owed by the company.
The meeting is due to take place tomorrow, Wednesday, and all creditors must attend the meeting or else risk to be excluded from future claims.
All creditor representatives must also submit Proof of Claim forms with all relevant information attached to them.
While a legal source from Harare has cast doubt over the legality to exclude future claims should a creditor, for whatever reasons, not be able to send a representative, is the meeting per se seen as another step forward by the Zimbabwean government to establish a mechanism to start settling long outstanding debts thought to be in excess of 300 million US Dollars.
Earlier in November did the Zimbabwean government issue a prospectus for potential investors in the company and clearing the airline’s legacy debts is seen as a major prerequisite to attract serious partners.