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By Sami Zaptia.
London, 26 February 2021:
The state Economic and Social Development Fund (ESDF) announced yesterday that it had settled the Malta debts of the United Aviation Company (UAC) of which it is a shareholder. Aircraft of the UAC had been seized by a Maltese court in lieu of unsettled debts.
The ESDF explained that the debts [restrict paid=”true”] had a cumulative value that increases every month on the aircraft since 2012. It said the settling of the debts spared the UAC having to sell the aircraft by public auction, which had been scheduled and deferred more than once, and would have incurred great losses. It would have probably forced the company close down permanently, it added. [/restrict]
This action represents a push for the UAC to invest in returning and operating these aircraft as soon as possible, which will contribute to supporting the financial position of the ESDF and the return of the company’s activities to its previous era, it concluded.
