Provisional liquidators for collapsed South African carrier Nationwide Airlines have ended efforts to sell the business as a going concern and the company is now to be wound down.
Nationwide was placed under a provisional winding-up order by the South African High Court in April as its cash-flow problems mounted after a new funding deal failed.
As recently as last month interest in the carrier from investors was reported - a deal was being worked on with Durban-based Blackbird Aerospace for the company.
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© AirTeamImages/Serge BailleulA Nationwide Airlines Boeing 737-200 |
But in an updated circular to creditors, Nationwide's provisional liquidators Tshwane Trust says: "After intense and lengthy negotiations with various parties the liquidators did not manage to sell the Nationwide Group of companies as a going concern.
"The company will therefore now be wound down in the normal liquidation process."
Founded in 1991, Nationwide had been operating a dozen owned and leased Boeing 737-200/500s and a single 767-300ER for its Johannesburg-London Gatwick service. The airline struggled to recover after it was grounded late last year following an engine separation incident on a Boeing 737-200, prompting a safety overhaul at the carrier.
Source: Air Transport Intelligence news
