UAE- Etihad sells stake in Air Seychelles – MENAFN.COM

UAE- Etihad sells stake in Air Seychelles – MENAFN.COM

Etihad Aviation Group has sold its 40 per cent holding in Air Seychelles to the Government of Seychelles, and will no longer be a shareholder in the Seychelles Government-owned airline, the UAE national carrier confirmed to Khaleej Times on Saturday. 'Etihad's management contract has also been terminated, however Remco Althuis and Michael Berlouis will remain on as CEO and CFO respectively until 30 June, to assist with the transition, an Etihad spokesperson said. The Secretary of State in Seychelles Ministry of Finance, Patrick Payet, announced on Thursday that Seychelles received a 79 per cent discount on the total liability that Air Seychelles owes Etihad, according to Seychelles News Agency. Air Seychelles, which operates a fleet of just two Airbus A320neos, and five DHC-6-400 Twin Otters, owed $72. 3 million to Etihad. With the 79 per cent write-down, Seychelles will now pay $11. 34 million. A total of $71. 5 million is still owed to bondholders, the official disclosed. "We are going to pay only 21 per cent and this liability has been taken over by the government. Repayment will start from 2022 onwards. The second negotiation that we have is with the bondholders, where we are