Zimbabwe state airline faces liquidation

HARARE, Zimbabwe (AP) ? State media says Zimbabwe's ailing national airline has been put under judicial management ahead of its likely liquidation.

The Sunday Mail reported on Sunday that the High Court in Harare appointed an executive of a top independent accounting firm to takes charge of Air Zimbabwe, sweeping aside all powers of the board of directors.

It said the court order Friday followed claims by pilots and employees for unpaid income and allowances of up to $35 million dating back to January 2009.

Last month the former colonial-era airline, founded in 1964, paid $1.2 million to release an aircraft impounded over debts in Britain. It owes $140 million to its creditors and has now grounded all but some domestic flights.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-22-AF-Zimbabwe-Airline/id-9f4f9dbeb1234ac79af78b381aff87e3

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