Cash-strapped low-cost African airline Fastjet said on Friday it had managed to extend the terms of a loan to March 31. In June the airline entered agreements with Annunaki Investments and SSCG Africa Holdings, following which the airline lent $5 million from its Zimbabwe unit to Annunaki in return for a $2 million loan to Fastjet from SSCG. The low-cost airline said the loan amount from Fastjet Zimbabwe to Annunaki had increased from $5 million to $7 million, after certain currency devaluations. This prompted Fastjet Airlines Tanzania, a separate entity from the parent, to cancel all flights for over a month in the country. In early December, Fastjet had warned it may have to go into administration, shut shop or sell itself as it was running on near-empty coffers.

Source: The Star March 03, 2019 19:07 UTC