13-Apr-2010 11:08 AM

Virgin Atlantic's stake in Nigerian Eagle Airlines to be sold to Nigerian investors

Nigerian Eagle Airlines (formerly Virgin Nigeria), 49% owned by Virgin Atlantic, reportedly plans to sell equity and reorganise its debt in a transaction worth approximately USD450 million, according to the airline's advisors, Ernst & Young (Nigerian Aviation, 12-Apr-2010). The agreement is expected to be completed by the end of northern summer 2010. Nigerian investors and companies have reportedly shown interest in acquiring the stake. The airline is also trying to sell the seven EMB-190s it has on order.

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