AMCON Saved 2,600 Jobs in Arik Air – Experts, FG

AMCON Saved 2,600 Jobs in Arik Air – Experts, FG

Two years after the Asset Management Company of Nigeria (AMCON) appointed an interim management for financially-ailing Arik Air which was at the brink of collapse, the Federal government and aviation experts have hailed the move, saying it brought the local carrier back to life and saving up 2,600 jobs.

Arik Air which at its height, accounted for about 55 per cent of national-passenger traffic, groaned under a huge debt burden and had not paid its staff for months prior to AMCON take-over.

The airline also owed huge debts to local and foreign creditors and could not afford critical aircraft spare parts or pay for other aspects of maintenance.

Its multifarious debts included $300m which it owed banks, suppliers and other creditors as well as N10 billion in capital inadequacy.

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