Stricken Air Zimbabwe fails to raise much-needed investment

Zimbabwe’s troubled national airline has failed to secure outside investment, dealing a blow to govt plans to sell state-owned assets and secure much-needed revenue. The airline, which in Oct 2018 was placed under administration, a form of bankruptcy protection, received expressions of interest from 10 international investors and had short-listed 3 bidders. “A process to solicit for a strategic partner or investor was undertaken, but none of the parties that expressed interest and submitted bids were successful,” the airline’s administrator, Reggie Saruchera, said Thursday, without identifying the bidders. The airline has outstanding debt of about US$370m, and Saruchera recommended this be settled before seeking fresh investment. <br/>