Chijioke OhuochaLAGOS, Sept 11 – A receiver appointed to rescue Arik Air, Nigeria’s largest airline, is holding talks with creditors and is not negotiating a sale to Ethiopian Airlines, the country’s “bad bank” said. Arik Air shareholders have filed a court case against Nigeria’s government and Ethiopian Airlines in an attempt to halt any talk over the sale of the airline, which controlled around 55 percent of the domestic market. The shareholders are also challenging the takeover of the airline by the bad bank, the Asset Management Corporation of Nigeria (AMCON), in court. It has said Arik owed around 147 billion naira and another 165 billion naira to four commercial lenders, while its founder Michael Arumemi-Ikhide owed AMCON 263.7 billion naira. Arumemi-Ikhide was not available for comment, while Arik Air declined to comment.

Source: Ethiopian News September 11, 2017 16:52 UTC