Cash-strapped Nationwide ceases operations

Nationwide Airline has ceased operations until further notice, the airline announced on Tuesday.

“Our cash-flow has become critical and as a result have decided to voluntarily cease all flight operations until further notice,” said chief executive Vernon Bricknell.

“We apologise to our loyal customers for any and all inconveniences experienced.”

In a statement, Bricknell referred to an incident in which an engine fell off one of its planes on its departure from Cape Town International Airport in November last year.

“Subsequent to this, a protracted grounding of our fleet was mandated by the SA Civil Aviation Authority.

“In the months of December and January, we resumed operations and attained a gradual recovery of the business. However, in the months of March and April we faced a 30% increase in fuel costs coupled with a decrease in passenger load factors,” Bricknell said.

“Throughout this period, we continued to work towards securing investment by a black empowerment consortium, which unfortunately has not come to fruition.” - Sapa



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