Fastjet plc, the UK-based shareholder of fastjet Zimbabwe, has secured a US$600 000 shareholder loan facility agreement with Solenta Aviation Holdings Limited (SAHL), ensuring operations until end-July.
Based on current financial projections, the company's directors believe it will have enough resources to meet its operational needs until the end of July, says a stock market report filed this month.
The company announced in early April that it would need additional funding by June to allow operations to continue. To address the funding requirement, the group is in the process of divesting its shares in the Zimbabwean carrier to a group of investors led by SAHL and local Zimbabwean investors, the report says.
However, if fastjet is unable to raise additional new capital, secure the additional creditor discounts, or if the current COVID-19 travel restrictions are extended past June, the airline's directors believe the company would be unable to continue trading beyond July 31.
Fastjet Zimbabwe is the only remaining fastjet unit still actively operating flights.