{"id":40019,"date":"2023-06-04T09:16:08","date_gmt":"2023-06-04T09:16:08","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/flag-carrier-lam-no-longer-insolvent-but-still-risks-collapse"},"modified":"2023-06-04T09:25:29","modified_gmt":"2023-06-04T09:25:29","slug":"flag-carrier-lam-no-longer-insolvent-but-still-risks-collapse","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/flag-carrier-lam-no-longer-insolvent-but-still-risks-collapse","title":{"rendered":"Flag carrier LAM no longer insolvent but still risks collapse"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique Airlines (LAM) is no longer insolvent as it has collected US$47.3 million (\u20ac44.1 million) in state and private debt since April, but remains at risk of collapse, a company source said on Monday.<\/p>\n

\u201cThe debt position has been reduced\u201d improving the debt to equity ratio, leading LAM to no longer be considered insolvent,\u201d said Se\u0301rgio Matos, a member of the company\u2019s management committee.<\/p>\n

These operating gains are the result of the positive impact of intervention by South African company Fly Modern Ark, which began operating in April to restructure the Mozambican flag carrier, Matos said.<\/p>\n

He pointed to the recovery of funds from unpaid air transport services and the end of selling tickets on credit as actions that are allowing for recovery.<\/p>\n

These efforts have led LAM\u2019s debt to fall, but not enough to stop it being high, at over US$300 million (over \u20ac279 million), Matos said.<\/p>\n

For these advances \u201cthere was no injection of [capital] by the government,\u201d the main shareholder of the company \u2013 the other shares are held by managers and workers \u2013 noted Matos, refusing to go into details due to the confidentiality of some clauses in the contract between the government and Fly Modern Ark.<\/p>\n

Some debts to LAM, he continued, are uncollectible, because they belong to extinct debtors.<\/p>\n

Se\u0301rgio Matos revealed that since April the price of the company\u2019s tickets had been reduced by 30%, with a view to attracting more passengers and increasing the company\u2019s revenues.<\/p>\n

\u201cIn our view, it is a reduction for good and we can reduce it even more,\u201d he emphasised.<\/p>\n

Two aircraft arriving in two weeks<\/b><\/p>\n

The recovery plan provides for Fly Modern Ark to inject \u201csome money\u201d into the carrier and put more aircraft into service, with two aircraft due to arrive in Maputo within two weeks, Matos advanced, so that new routes can be studied.<\/p>\n

The aim, he said, was for LAM to have at least 14 to 15 aircraft as compared to the current seven, of which five regularly operate, as two are normally undergoing prolonged maintenance.<\/p>\n

With more aircraft, LAM will be able to make its workforce more efficient. This workforce currently comprises 753 workers working on just seven aircraft.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Mozambique Airlines (LAM) is no longer insolvent as it has collected US$47.3 million (\u20ac44.1 million) in state and private debt since April, but remains at risk of collapse, a company source said on Monday. \u201cThe debt position has been reduced\u201d improving the debt to equity ratio, leading LAM to no longer be […]<\/p>\n","protected":false},"author":84,"featured_media":40018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-40019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nFlag carrier LAM no longer insolvent but still risks collapse - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique Airlines (LAM) is no longer insolvent as it has collected US$47.3 million (\u20ac44.1 million) in state and privat ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/flag-carrier-lam-no-longer-insolvent-but-still-risks-collapse\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flag carrier LAM no longer insolvent but still risks collapse\" \/>\n<meta property=\"og:description\" content=\"Mozambique Airlines (LAM) is no longer insolvent as it has collected US$47.3 million (\u20ac44.1 million) in state and privat ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/flag-carrier-lam-no-longer-insolvent-but-still-risks-collapse\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-04T09:16:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-04T09:25:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/06\/sm_1685854416.800382.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"730\" \/>\n\t<meta property=\"og:image:height\" content=\"438\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/flag-carrier-lam-no-longer-insolvent-but-still-risks-collapse#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/flag-carrier-lam-no-longer-insolvent-but-still-risks-collapse\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Flag carrier LAM no longer insolvent but still risks collapse\",\"datePublished\":\"2023-06-04T09:16:08+00:00\",\"dateModified\":\"2023-06-04T09:25:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/flag-carrier-lam-no-longer-insolvent-but-still-risks-collapse\"},\"wordCount\":386,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/flag-carrier-lam-no-longer-insolvent-but-still-risks-collapse#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/06\/sm_1685854416.800382.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/flag-carrier-lam-no-longer-insolvent-but-still-risks-collapse#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/flag-carrier-lam-no-longer-insolvent-but-still-risks-collapse\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/flag-carrier-lam-no-longer-insolvent-but-still-risks-collapse\",\"name\":\"Flag carrier LAM no longer insolvent but still risks collapse - 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