Fastjet sells E145 to Solenta Aviation to reduce debt

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The UK-based shareholder of Fastjet Zimbabwe, Fastjet Group, has sold an E145 to the airline’s South African shareholder, Solenta Aviation Group, for USD2.2 million to reduce its debt to Solenta to USD1.4 million, Swiss  airline intelligence provider, ch-aviation, has revealed.

Ch-aviation added that after the suspension of the Fastjet’s flight operations in Mozambique, one of the group’s Embraer E145 aircraft remained idle and needed heavy maintenance.

“Following the completion of the heavy maintenance, the Company entered into an agreement with Solenta over the Sale of that Embraer E145 to settle part of Solenta’s Creditor Position,” Fastjet said in the ch-aviation report.

The deal was concluded on March 9 but only revealed on April 24, 2020.

After the closure of Fastjet Mozambique (Maputo) in October 2009 and the liquidation of Fastjet Dar Es Salaam, the Group currently remains active in Zimbabwe only.

“It planned to launch Fastjet South Africa (7V, Johannesburg O.R. Tambo) in 2020 but has deferred those plans given the impact of the COVID-19 pandemic on South Africa’s tourism market,” said ch-aviation.

According ch-aviation’s fleets advanced module, Fastjet Zimbabwe runs two in-house E145s, dry-leased from ACIA Aero and Plane Business and wet-leases additional aircraft from Solenta Aviation as required.

“Solenta Aviation is in the process of acquiring Fastjet Zimbabwe in consortium with local Zimbabwean investors.”

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