African budget operator Fastjet Group has sold a dormant Embraer ERJ-145 to Solenta Aviation in a deal to reduce debts owed for maintenance work within Fastjet’s Zimbabwean division.
The ERJ-145 had been used for Fastjet’s operations in Mozambique before the company suspended services in the country last year.
Fastjet Group says this aircraft had remained idle, and in need of heavy maintenance, following the suspension.
After the heavy maintenance was completed, the aircraft was sold to Solenta Aviation for $2.2 million on 9 March.
These proceeds – in the form of a credit note – have been used to offset part of a $3.6 million debt owed to Solenta for aircraft maintenance and support to Fastjet’s Zimbabwean arm, reducing the amount owed to $1.4 million by 31 March.
Fastjet Group has been negotiating the sale of the Zimabwean operation to Solenta Aviation, but the impact of the coronavirus crisis and operational restrictions imposed by the governments of South Africa and Zimbabwe have held up the process.