By Louis Ibah

A team of investors from Dubai, United Arab Emirates, has opened discussions with Nigerian shareholders in Arik Air with a view to investing in the distressed airline, sources told Daily Sun.
“Shareholders of the airline have been meetings with other investors before getting a firm commitment with this Middle East-based conglomerate, which has its headquarters in Dubai,” the source said, adding that discussion between the Dubai investors and the shareholders of Arik Air would involve how to offset the debts owed the Asset Management Corporation of Nigeria (AMCON) and other creditors.
According to the source, Arik Air and the company started negotiation last week in London and have made some commitments with each party setting agreeing to set up a team to continue with the negotiations, later this month.
It was learnt that Arik Air shareholders are putting a strong team for the next round of discussion, which include Deloitte UK, Barclays Africa and UK-based law firm.
The plank of discussion is on the shareholding and the depth of the debts, which creditors must back with evidence, and also operational conditions.

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Chairman of Arik Air, Sir Joseph Arumemi-Ikhide in a telephone interview with aviation correspondents confirmed the negotiation with the Dubai investors.
According to AMCON, Arik Air owed it about N263.7 billion, but the airline has maintained that its total debt exposure, including that of international creditors and local debts amounted to N160 billion, which represents a 16.4 percent of its value put at $3.2 billion by Deloitte UK in 2013. “It is expected that the new investor would offset Arik debts and provide it with operational funds once operational modalities have been reached,” it said.