Jan. 22 (Bloomberg) -- State-owned Air Zimbabwe has been placed under judicial management and may face liquidation after the airline’s debt rose to $140 million, the state-controlled Sunday Mail said, citing High Court documents.
The application to place Air Zimbabwe under judicial control was made by the airline’s employees, the Harare-based newspaper said. The High Court appointed Innocent Mavhunga, a chartered accountant, as the airline’s judicial manager and barred the Air Zimbabwe board from any involvement with the company, said the Sunday Mail.
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