Medview board agrees to sell two aircraft to pay off debt

The management of the Medview Airline has agreed to sell two aircraft to pay off debt.

In a notice published on the website of the Nigerian Stock Exchange (NSE), the company said the decision was reached at a Zoom management meeting that held on Thursday.

In an earlier notice, the board said it would meet to deliberate on the effect of the COVID-19 pandemic on the operations of airlines in the aviation sector and the financial status of the company.

According to the statement, the aircraft to be sold are B737-400 5NMAA aeroplane in Estonia and the B737-400 5NMAA aircraft in Lagos.

It said the sale would help it “liquidate part of its indebtedness and inject part of the funds into its operations so as to jump-start it again after the COVID-19 pandemic total lockdown”.

It also said the management approved the return of a leased aircraft engine with engine number CFM56-3C1 ESN 857871 to Aeolus, the lessor, so as to obviate the payment of additional rent.

The resignation of two directors, Ayodeji Ariyo Gbeleyi and Olabode Kacheef Oyedele, were also accepted at the meeting.

The aviation industry has been severely affected by the COVID-19 pandemic.

Although domestic flight operations have resumed in some parts of the country, only eight airlines are back in the sky.

They are Aero Contractors, Air Peace, Arik Air, Azman Air, Dana Airlines, Ibom Air, Max Air and Overland Airways Limited.