British Airways’ (BA) Italian franchise partner National Jet Italia (NJI) is to
change owners once again after Aviation Partners Worldwide (APW) revealed it
has agreed to sell the airline to Italian investors grouped under Dutch company
is to initially pay £135,410 ($190,000) for NJI in three stakes – the latter
part of £67,705 to be paid on completion of a fundraising by NJI of at least
£15 million. A further consideration of £440,000 will then be payable over the
next nine months.
chaired by former Cathay Pacific CEO Peter Sutch, acquired NJI only in August
in a £30.7 million deal. The funding for the acquisition came from the issue of
new shares in APW, then called Tolmount, while a further share issue was to
raise the necessary working capital for the Italian domestic airline.
loss-making NJI has suffered further problems, notably since the travel decline
sparked by the events of 11 September. Earlier this month NJI was forced to
suspend its Rome services to Nice, Athens and Milan, though it has been
operating from the Italian capital to Verona and Genoa
a result of these problems, NJI is unable to continue operating without an
injection of cash, which the board of APW is unable to arrange in the present
circumstances,” the company says in a statement announcing the sale. It says a
deal has been struck with Nikoram to help ensure NJI can continue operations.
is to acquire NJI including its liabilities to trade and other creditors and to
bank and other financiers including aircraft lease commitments,” AWP says. APW
finance director Mike Scantlebury will leave the company’s board to work
directly for NJI under its prospective new owners.
which bought NJI in a bid to develop its aviation activities, is to brief
shareholders of its future plans in a letter shortly.
was established in the summer of 2000 and operates a fleet of four British
Aerospace BAe 146s, and two Boeing 737-400s.