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*FULL TEXT: Fastjet Planning To Resume Flying On 21 April* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?wz Budget Airline has released a trading statement that communicated they are planning to resume trading on 21 April 2020, The Zimbabwean reports. Read the full statement below: ---------- Latest itel A06 on Pindula: 32GB storage, 4GB RAM $69 USD WhatsApp: +263715068543 Calls: 0772464000 ---------- > FASTJET ZIMBABWE IS CURRENTLY PLANNING TO RESTART FLIGHT OPERATIONS ON TUESDAY 21 APRIL 2020 > * ALL FASTJET GROUP EMPLOYEES HAVE ACCEPTED A VOLUNTARY SALARY REDUCTION EFFECTIVE FROM 1 APRIL 2020 OF UP TO 30% > * SALARY REDUCTION DEPENDING ON THEIR CURRENT SALARY SCALES, WITH LOWEST EARNERS AFFECTED LEAS * EXPECTS REDUCED GLOBAL OIL PRICES TO HELP TO CUSHION FINANCIAL IMPACT OF FORECAST LOWER PASSENGER DEMAND WHEN OPERATIONS RESTART > * TIMELINES DISPOSAL OF CO’S HOLDING IN FASTJET ZIMBABWE ARE NO LONGER PRACTICALLY ACHIEVABLE > * FASTJET ZIMBABWE HAS FULLY PAID OFF ALL OF ITS EMBRAER EMB145 AIRCRAFT > * INVESTOR CONSORTIUM CONFIRMED THAT IT REMAINS COMMITTED TO DIVESTMENT PROPOSAL > * INVESTOR CONSORTIUM INDICATED THAT IT WOULD POTENTIALLY FORESEE MODIFIED TERMS OF SALE NEEDING TO BE DISCUSSED, NEGOTIATED > * FASTJET ZIMBABWE’S UNFLOWN FORWARD TICKET SALES OBLIGATION WAS US$ 616,476 AS OF 31 MARCH, MUCH LOWER THAN TRADITIONALLY EXPERIENCED * FEDAIR HAS ENTERED A RESTRUCTURING PROCESS > * RESTRUCTURING PROCESS OF FEDAIR WILL RESULT IN 55% OF ITS FULL-TIME EMPLOYEES BEING RETRENCHED > * IN 55% OF ITS FULL-TIME EMPLOYEES WILL BE RETRENCHED IN FEDAIR > * SIGNIFICANT PORTION OF 14 AIRCRAFT FLEET HAS BEEN TERMINATED BY FEDAIR > * FEDAIR SEEN DRAMATIC DOWNTURN IN FORWARD TICKET SALES & RESERVATIONS & MAJORITY OF PASSENGERS THAT WERE BOOKED HAVE DEFERRED THEIR TRAVEL > * FEDAIR HAS RETAINED LIMITED CREW TO OPERATE THESE SIX AIRCRAFT, WHICH WILL BE CORE FLEET RETAINED FOR REMAINDER OF 2020 > * FEDAIR IN TALKS WITH AIRCRAFT FINANCIERS RELATING TO OWNED AIRCRAFT TO SUSPEND & DEFER CAPITAL REPAYMENTS ON AIRCRAFT LOANS UNTIL DEC 2020 > * FEDAIR WOULD NEED ADDITIONAL CASHFLOW OF APPROXIMATELY US$ 1.0M BY 31 DECEMBER 2020 > * BOARD IS REASSESSING GOING CONCERN ABILITY OF ENTIRE GROUP IN ITS CURRENT FORM, WITH BOTH FEDAIR AND FASTJET ZIMBABWE BUSINESSES RETAINED * GROUP WILL CONTINUE TO HAVE SUFFICIENT RESOURCES TO MEET ITS OPERATIONAL NEEDS UNTIL END OF JUNE 2020 > * IF UNABLE TO COMPLETE DISPOSAL/RAISE FURTHER NEW CAPITAL BY 30 JUNE DIRECTORS BELIEVE GROUP TO BE UNABLE TO CONTINUE TRADING AS GOING CONCERN > * FEDAIR WOULD NEED ADDITIONAL CASHFLOW OF APPROXIMATELY US$ 1.0M BY 31 DECEMBER 2020 More: The Zimbabwean _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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