Manufacturing Industry
Air Zimbabwe begins to repay debt to American bank
Airline Industry Information, May 24, 2002
AIRLINE INDUSTRY INFORMATION-(C)1997-2002 M2 COMMUNICATIONS LTD
Air Zimbabwe has reportedly started paying off a debt of USD28.6m owed to the Export-Import Bank of America.
The American bank, which guaranteed the purchase of the airline's two Boeing 767 aircraft in 1989, had threatened to seize the two aircraft after the airline defaulted on repayments.
Air Zimbabwe reportedly made a USD5m payment to the bank two weeks ago and is expected to make a second payment before the end of May.
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COPYRIGHT 2002 M2 Communications Ltd.
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