Fastjet chairman resigns as African carrier seeks more funds

Fastjet said it would seek more funds sooner than expected to restructure itself, prompting its Chairman Colin Child to resign after the African budget carrier's months-long tussle with its second-biggest investor to retain him. Fastjet said the cost and terms associated with returning leased aircraft was more onerous than expected and that it would need to raise further capital after having raised funds in July. The carrier said Friday it planned to complete its fund-raising exercise in Q1 2017. The carrier is looking to cut costs after struggling against tough conditions in its home market, Tanzania. In March, it warned that its full-year results would be well below market estimates and that it would no longer be cash flow-positive this year. <br/>