African budget carrier Fastjet suspends flights, warns on funds

Fastjet said it’s suspending commercial flights in South Africa and Zimbabwe due to the pandemic, jeopardizing negotiations to raise emergency funds through a disposal. The shares skidded after Fastjet said talks to sell a stake in its Zimbabwe operation are on hold until it’s clear how long extended lockdowns will last. An investor group including Solenta Aviation Holdings Ltd. and Zimbabwean investors has expressed interest, Fastjet reiterated Friday. Fastjet is in a precarious situation with just enough funds to survive until the end of August. If flights haven’t reached “sustainable levels” by the start of September, Fastjet said won’t be able to keep operating without support from Zimbabwe’s central bank. Cash reserves at the end of June stood at $1m.<br/>