Fastjet to restructure by February 2020

Fastjet needs to restructure by February 2020, if it is to continue as a going concern, with the disposal of fastjet Zimbabwe forming part of its survival plan. “The group will have sufficient resources to meet its operational needs until February 2020,” fastjet CFO Kris Jaganah said. “However, the headroom of available cash resources is minimal, and the projections are very sensitive to any assumptions not being met. If the group is unable to carry out the restructuring proposal by the end of February 2020, it would be unable to continue trading as a going concern.” The company is now in active equity and restructuring discussions with its major shareholders, which have responded positively to the proposals. Fastjet originally launched with a Tanzanian airline in November 2012. The group previously had airlines in several African countries, but this presence has since been slimmed down to Zimbabwe (fastjet Zimbabwe) and South Africa (FedAir). The most recent airline to suspend operations, on Oct. 26, was fastjet Mozambique. Story has more.<br/>