/ 8 May 2008

Potential buyers queue up for Nationwide

At least 40 potential buyers have expressed an interest in Nationwide, the airline’s provisional liquidators, Alta-Tshwane Trust, said on Thursday.

In a statement, the trust said the potential buyers had all insisted on full financial and operational information on the company.

It said however that the variables surrounding the total assets and liabilities inventory were of such a nature that it was currently impossible to provide accurate figures,” … which is understandably problematic for any prospective buyers”.

The trust has also conducted a lengthy meeting with the Civil Aviation Authority to investigate the suspension and possible re-instatement of the aircraft operating centre.

All Nationwide’s moveable assets were in the process of being secured and negotiations had been initiated with the International Air Transport Association regarding outstanding monies owed to the company.

”It would be irresponsible to place an exact figure on the total asset value at this stage, as any figure given would be pure speculation.”

Regarding employees, the liquidators said they were currently issuing documentation to enable workers to claim from the Unemployment Insurance Fund.

The trust was also in negotiations with current as well as new medical aid schemes for reinstatement of member benefits caused by outstanding instalments arising from the bank account being frozen.

It was also assisting employees with their claims and time sheets and employing personnel to assist in the winding down of the company.

Pre-booked and paid ticket passengers were being assisted to complete their claim forms for proof against the company in liquidation.

”Approximately 6 000 claim forms have been distributed in the past week.

”Our call centre is inundated, receiving more than 500 calls daily.”

Over and above this, more than 700 emails were received daily and the trust was mandated to try to answer these within a 24-hour period or sooner.

”The likelihood and quantum of any dividend cannot be determined at this stage.”

An insurance policy was also in place to assist passengers who had already bought their tickets and whose journey had commenced.

The policy would cover the cost of repatriation of passengers arising directly from the cancellation or curtailment of a scheduled Nationwide Airlines flight, due to the insolvency of the company. – Sapa