"The company's financial position is dire and it clearly cannot fund its own operations."
Collapsed airline Air Vanuatu owes creditors $110 million and that number is expected to rise, the company's liquidators say.
Air Vanuatu has an overall deficit of $US65.9 million and owes creditors $US73.5 million , according to the report, which says the actual amount owing is likely to be far higher.Air Vanuatu has a deficit of almost $100 million and owes creditors $110 million, the company's liquidators say. "Therefore, this statement represents the liquidators' best estimates only, based on the company's books and records, and the information available.
"The liquidators are grateful for the government's statement of financial support which is required to stabilise the operations of the company. According to the report, only two of Air Vanuatu's six aircraft are currently flight-ready, with three requiring maintenance and one repossessed by its owner.
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