Fastjet extends loan agreement terms

fastjet loan agreement
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Cash-strapped low-cost African airline Fastjet Plc said on Friday it had managed to extend the terms of a loan to March 31.

Fastjet in June had entered agreements with Annunaki Investments and SSCG Africa Holdings, following which the airline lent $5 million from its Zimbabwe unit to Annunaki in return for a $2 million loan to Fastjet from SSCG.

The low-cost airline said on Friday that the loan amount from Fastjet Zimbabwe to Annunaki had increased from $5 million to $7 million, after certain currency devaluations.

<Source: Reuters>