GHAPOHA faces US$11 million loss

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Ghana Ports and Harbours Authority (GHAPOHA), is to lose US$11 million in credit facility lent to former Ghana Airways.

GHAPOHA
is to lose the amount because of its inability to prove a charge over
Ghana Airways’ DC9 aircraft (9G ADU), consequently reclassifying its
claim as unsecured from a secured claim.

GHAPOHA has not yet
issued an official response on the matter and it is unclear whether it
would resort to a legal action to retrieve the amount in question, or
to at least prove its charge over the DC9 aircraft.

Indications
are that even if GHAPOHA’s charge on the aircraft should be ruled in
its favour, proceeds from disposal would only be a meagre amount
compared to the US$11 million credit claim, gauging by two aircraft and
related equipment that were disposed for US$800,000 by the official
liquidation.

To relieve it from the troubles of creditor
claims since the liquidation exercise began, the official liquidator
has tried to scale the number of claims. This has seen the downward
revision of unsecured creditor claims from the US$170 million estimate
at the 5th creditors meeting in November last year, to US$146 million
in May this year reported from the 6th creditors meeting.

The
revision came from the rejection of 30 claims amounting to
approximately US$44 million for lack of supporting documentation and
the reclassification of GHAPOHA’s claim, according to the report
prepared by Pricewater¬houseCoopers.

Apart from landed
property disputes and suits initiated by former employees of Ghana
Airways, the official liquidator is currently defending five law suits,
ranging from technical and routine nature to major issues affecting
potential realisations and claims.

At present, the DC9 aircraft has been lined up with other assets available for sale by the official liquidator.

Setting
total payments against total receipts on the liquidation accounts and
available funds, as at the close of May this year, came to US$6.5
million while future realisations by the close of liquidation are
estimated at US$4.4 million.

Making demands on the obviously
lean financial resource position of the liquidated airline are the
US$6.75 million secured creditor claims and the Us$146 million
unsecured creditor claims belonging to about 260 different claimants –
all battling for settlement.