Nigeria's Amcon says some local airlines may collapse over debt

Some Nigerian airlines are facing the risk of collapse under the weight of huge debts, according to the country’s Asset Management Corporation of Nigeria, set up to rescue banks from bad loans. “The industry remains in the throes of airlines burdened with debts, under administration or on the borderline of collapse," Amcon CE Ahmed Kuru said, without identifying those that may fail. Amcon acquired the country’s biggest airline Arik last year because of difficulties arising from huge debts and poor corporate governance, it said. Nigeria’s more than 10 domestic airlines are struggling with difficulties arising from the country’s first economic contraction in a quarter century in 2016, and have seen reduced access to capital and limited leasing opportunities. <br/>