Arik Air Got New Investors from Middle East To Pay Off Debt

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Arik AirIndications emerged yesterday that owners of Arik Air, currently under receivership, have concluded arrangement and got a firm commitment from a major investor from the Middle East to partner with them, to offset the debts the airline owed Asset Management Corporation of Nigeria, AMCON, and other creditors.

This negotiation was confirmed by the chairman of Arik Air, Sir Joseph Arumemi-Ikhide. Arik Airline According to one of the owners, who spoke under condition of anonymity, “ the airline shareholders have held series of meetings with other investors but has reached firm commitment with this Middle East-based conglomerate, which has its headquarters in Dubai with interest to do business in Africa”. He said the company “ had voted funds to investment in airline business, power and agriculture and it was attracted to Arik Air, which would serve as platform to invest in air transport in the continent, as the continent has been projected as a new bastion of hope for economic development in the world”.

The shareholder further said “ Arik Air and the company started negotiation last week in London and have reached some commitments and a team has been selected by each company to continue with the negotiations, which continues this month.” “The plank of discussion is on the shareholding and the depth of the debts, which creditors must back with evidence, and also operational conditions”.

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