Don't know if JI put any money in or not, but someone seems to be paying off the debts. UBA has been cleared, now GTB.
GTB Drops Suit against Virgin Nigeria
•Receives $6.5m from airline as loan settlement …Thisday (front page)
The report has it that Virgin Nigeria Airways (Air Nigeria) got a new lease of life last Tuesday when Guaranty Trust Bank Plc informed the airline of its intention to discontinue the winding up suit the bank instituted against Virgin Nigeria at the Federal High Court, Lagos over its inability to service a $9,194,577.36 (N1.3 billion) loan.
In a notice of discontinuance obtained exclusively by Thisday newspaper yesterday, the bank is urging the court to strike out the suit brought pursuant to Order 50 Rule 2(1) and (5) of the court’s rule 2009.The bank hinged the notice of discontinuance on the fact that the airline had in furtherance of its agreement paid a total sum of $6.5 million as full and final settlement of its indebtedness as agreed by both parties.
Sources in GTBank confirmed that since the airline changed ownership, the bank has held negotiations on getting the loan discharged with the Jimoh Ibrahim-led NICON Group which acquired Virgin Nigeria from local and foreign investors last April. The negotiations culminated with the payment by Virgin Nigeria of $6.5 million as full and final settlement of the facility early this month.
Confirming that the airline has fully discharged its indebtedness to the bank, GTBank in a letter dated June 8, 2010 and addressed to the managing director of the airline, stated that it was fully discharging the airline from all obligations consequent upon receipt of payment.
In the substantive suit, the bank (petitioner) through its counsel, Mr. Kunle Ogunba (SAN) had filed a winding up petition against Virgin Nigeria for its inability to pay the loan it secured from GTBank and urged the court to wind up the affairs of the airline under the provisions of Sections 409 (1) and 410 (1) (b) of the Companies and Allied Matters Act.