Belgian Creditor Looks to Seize Air Namibia’s Assets

Lawyers representing defunct Belgian airline ChallengeAir moved on Friday to seize Air Namibia’s headquarters after the state carrier failed to honour a 10 million euro ($12.14 million) settlement agreement reached last month to save it from liquidation, Reuters reported. Air Namibia survived liquidation attempts by creditor ChallengeAir SA in January when the two firms reached the settlement agreement minutes before liquidation proceedings were due to kick off. ChallengeAir filed in October for Air Namibia to be liquidated, arguing Air Namibia was insolvent and unable to repay about 253 million Namibian dollars ($17 million) in debt incurred for the lease of a Boeing 767 back in 1998. Air Namibia had cancelled the lease agreement, after finding that the aircraft was defective. Negotiations between the two firms have been deadlocked since 2019. Read more.