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 Aero Faces Challenging Times
Posted By: On: 29 Apr 2010 11:45 PM
Details Aero has been locked in discussions with its bankers for some months now and it has now reached a point where it is difficult for Aero to operate on these terms.
The dilemma centres on the allocation of historical debt. The management teams at Oceanic Bank and Aero have been in constant dialogue about this matter for the previous six months; however they have been unable to agree on a resolution that will allow Aero to continue trading as a going concern.

Regrettably Oceanic took unilateral decisions on the morning of Friday 23rd April 2010, which have effectively prevented Aero from paying her suppliers and lessors [including Canadian Helicopter Company (CHC)].

Aero has approached the Honourable Minster of Aviation, Mrs Fidelia Njeze, the National Security Adviser, Lt Gen (rtd) Aliyu Mohammed, and the Director General of NCAA, Dr Harold Demuren, in the belief that they will intervene as an arbitrating party between Aero and Oceanic.

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