We Are Not Talking Sale of Arik to Ethiopian Airlines – AMCON

Arik Air shareholders filed a court case against Nigeria’s government and Ethiopian Airlines in a bid to halt the sale of the airline, that controlled around fifty five percent of the domestic market.

The shareholders are also questioning the takeover of the airline by Asset Management Corporation of Nigeria (AMCON), in court.

AMCON representative, Jude Nwauzor, said on Monday the bank wasn't in negotiation with Ethiopian Airlines and would wish to resolve all proceedings additionally to receiving the report of the receiver manager before taking any action.

AMCON took over the daily running of Arik Air in earlier this year in an attempt to rescue the airline when it absolutely was unable to pay staff or creditors.

“They haven't completed their assignment ... they're still having meetings with some creditors,” Nwauzor stated, adding that the airline has improved, with some creditors currently willing to try to do business with it and workers being paid.

It was also said that Arik owed around 147 billion Nigerian Naira and another a hundred sixty five billion Naira to four business lenders, whereas its founder Michael Arumemi-Ikhide owed AMCON 263.7 billion Naira.

Arumemi-Ikhide wasn't obtainable for comment, whereas Arik Air declined to comment.

Nwauzor said it absolutely was too early to discuss a timeline for AMCON to recover its debt attributable to its size.