Nigeria's bad bank not talking to Ethiopian Airlines over Arik

A receiver appointed to rescue Arik Air is holding talks with creditors and is not negotiating a sale to Ethiopian Airlines, the country’s “bad bank” said. Arik Air shareholders have filed a court case against Nigeria’s govt and Ethiopian Airlines in an attempt to halt any talk over the sale of the airline, which controlled around 55% of the domestic market. The airline had been hard hit by a currency crisis in Nigeria as its customers are invoiced in naira but its fuel suppliers are paid in dollars.. The shareholders are also challenging the takeover of the airline by the bad bank, AMCON, in court. An AMCON spokesman said Monday the “bad bank” was not in negotiation with Ethiopian Airlines and would want to resolve all court cases in addition to receiving the report of the receiver manager before taking any action. <br/>