Stricken Nigerian airline 'in talks with' Dubai-based conglomerate

Shareholders of Arik Air are in advanced talks to sell the airline’s debts to a Middle East conglomerate, local media said Monday. Talks have been held with numerous investors but a commitment has been reached with the conglomerate, which is headquartered in Dubai and plans to do business in Africa. The company has reportedly voted funds to invest in aviation, power and agriculture and expressed an interest in Arik Air. The two firms started negotiations last week in London and have reached some commitments. Arik Air was taken over by the Nigerian govt in February after it emerged that the airline was grappling with a huge debt portfolio. It is being managed by receivers appointed by national debt recovery agency the Assets Management Corporation of Nigeria, which claims the airline owes it US$833m. <br/>