Aerotask Engaged to Support AMCON in Arik Air Restructuring and Turnaround

The Asset Management Corporation of Nigeria (AMCON) has engaged Aerotask as its strategic advisor in its restructuring and turnaround of Arik Air.

Aerotask has been engaged to provide a broad range of advisory services, from managing negotiations with creditors, appraising and protecting assets, to advising the bank on the airlines turnaround strategy.

On February 9th, AMCON moved to take over Arik Air due to its precarious financial situation and volume of outstanding debts. Arik Air is Nigeria’s largest airline, accounting for over half of Nigeria’s passenger traffic. The airline, which had been struggling for months, has been taken over in order to prevent collapse of the airline’s operations and consequently, of Nigeria’s aviation sector.

Aerotask is a Dubai-based global aviation consultancy, providing Asset Management and Financial Solutions to airlines, lessors, financial institutions, and investors worldwide.