The Asset Management Corporation of Nigeria (AMCON) on Wednesday put the total debt of Arik Air at N387 billion, saying there is no way the carrier could have remained in profitable without the takeover of the business by government.
This came just as AMCON said it has injected over N1.5 billion into the troubled carrier since it took over on February 8, 2017.
According to the reports from the NATION, the Receiver Manager of Arik Air, Oluseye Opasanya (SAN), disclosed this in an affidavit deposed to at the Federal High Court, Lagos.
He said the airline was indebted to many financial institutions, insurance companies, aviation agencies, aircraft lessors and other creditors for services rendered.
He said upon the takeover of the airline two months ago, there were no spares in the aircraft stores, a development that could have threatened the safety of its operations, save for the timely intervention of AMCON.
He said the new team at Arik Air is piqued by the unfolding rot still being discovered at the airline which was recently taken over by the Federal Government through AMCON.
He listed many infractions by the former owner of Arik Air to include unprofessional practice, huge indebtedness, non-existent records and lack of corporate governance, among others.