Aero Contractors: who is in control?

Aero Contractors B737-400
The previous owners of Nigeria's Aero Contractors (NIG, Lagos) are keen to take back control from current majority owners, the Asset Management Company of Nigeria (AMCON), reports news site This Day.

Previous to AMCON stepping in, Aero Contractors was 100% owned by the Ibru family. AMCON acquired a 60% stake in late 2012 after the carrier found itself unable to pay its debts. At the time, then Managing Director of AMCON, Mustafa Chike-Obi, said the government body would be happy to sell its stake. "If somebody wants to buy our 60 per cent stake in Aero tomorrow at a profit; absolutely, we will consider it. We are not emotional about it," he said. In February 2016, AMCON dissolved the Aero board and took over management of the airline.

According to This Day's sources, the Ibru family is willing to pay off 50% of the debt, which currently stands at around NGN35 billion (USD115 million). This would put them in a position to renegotiate their shareholding position.

"If they pay there will be a restructure of the share capital, but AMCON will still own the capital but it will remove the receivership of the company, then the Ibru family can get an investor who will now buy AMCON shares," the source is quoted as saying.

Last month, Aero Contractors announced it would lay off around 60% of its workforce – approximately 900 employees – in a bid to realign its aircraft-to-employee ratio.

“The current situation where over a thousand people are basically not engaged due to lack of serviceable aircraft is not sustainable for the airline," an airline statement said.

According to the ch-aviation aircraft database, Aero Contractors currently operates a fleet of seven aircraft on regular flights covering Lagos, Abuja, Port Harcourt Omagwa, and Sokoto.
(1) B737-400,
(2) B737-500s (both inactive),
(1) Dash 8-200,
(1) Dash 8-200, and
(2) Dash 8-400s.


https://www.ch-aviation.com/portal/news/55324-aero-contractors-previous-owners-keen-to-take-back-control

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