{"id":40085,"date":"2023-06-05T09:02:15","date_gmt":"2023-06-05T09:02:15","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/flag-carrier-lam-was-carrying-less-debt-than-reported-due-to-oversight"},"modified":"2023-06-05T09:10:21","modified_gmt":"2023-06-05T09:10:21","slug":"flag-carrier-lam-was-carrying-less-debt-than-reported-due-to-oversight","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/flag-carrier-lam-was-carrying-less-debt-than-reported-due-to-oversight","title":{"rendered":"Flag carrier LAM was carrying less debt than reported due to \u2018oversight\u2019"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambican flag carrier Linhas Ae\u0301reas de Moc\u0327ambique (LAM) had a real debt that was lower than declared, due to a \u201ctechnical oversight,\u201d which forced a correction that improved the company\u2019s liabilities, the Mozambican minister of transport and communications said on Wednesday.<\/p>\n

\u201cWe were carrying an unsustainable debt, because we penalised ourselves with a technical lapse or limited knowledge,\u201d but \u201ca small correction\u201d found that LAM \u201cwas not so bad in terms of debt,\u201d said Mateus Magala.<\/p>\n

The known debt of over US$300 million that the airline had been declaring, \u201cin reality, was less than that,\u201d because a part \u201cof what was charged as debt was not debt,\u201d added the minister.<\/p>\n

Mozambique\u2019s minister for transport and communications said that the revaluation of the flag carrier\u2019s charges had made it possible to recover US$47.3 million of debt , in favour of the company\u2019s cash flow, within a month.<\/p>\n

The operation, Magala continued, was due to the \u201cdeep technical knowledge\u201d of Fly Modern Ark, the South African company hired by the Mozambican government in April to help normalise LAM\u2019s financial and operational situation.<\/p>\n

Mateus Magala said that Fly Modern Ark\u2019s intervention aimed to \u201cput the house in order,\u201d and later the government would decide on the future of the airline, depending on the options indicated in studies on the viability of the carrier, which include privatisation or identifying a partner company.<\/p>\n

On Monday, LAM\u2019s new management committee announced that the company was no longer insolvent as it had collected US$47.3 million in state and private debt since April, but remains at risk of collapse.<\/p>\n

\u201cThe debt position has been reduced,\u201d improving the debt to equity ratio, leading LAM to \u201cno longer be considered insolvent,\u201d said Se\u0301rgio Matos, a member of the company\u2019s management commission.<\/p>\n

Matos also said that the carrier\u2019s recovery strategy involves reactivating the Maputo-Lisbon route and exploring new destinations such as Brazil, India, Dubai and China, the management committee announced on Monday.<\/p>\n

\u201cWe are going to reopen some routes. The first phase will be Maputo-Portugal, then the subsequent phases will be Maputo-Sao Paulo, Maputo-Guanzhou, Maputo-Mumbai, Maputo-Dubai,\u201d said committee member Se\u0301rgio Matos.<\/p>\n

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

Africa-Press – Mozambique. Mozambican flag carrier Linhas Ae\u0301reas de Moc\u0327ambique (LAM) had a real debt that was lower than declared, due to a \u201ctechnical oversight,\u201d which forced a correction that improved the company\u2019s liabilities, the Mozambican minister of transport and communications said on Wednesday. \u201cWe were carrying an unsustainable debt, because we penalised ourselves with […]<\/p>\n","protected":false},"author":84,"featured_media":40084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-40085","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 was carrying less debt than reported due to \u2018oversight\u2019 - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambican 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