Bankrupt Zimbabwe Purchases 2 777s for Its Bankrupt Airline

Apr 13, 2018

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

A bankrupt country has purchased two wide-body jets for a bankrupt airline. On Wednesday, Zimbabwe’s finance minister announced it purchased two Boeing 777s meant for Air Zimbabwe, the country’s national carrier.

It plans on purchasing two more from an “unidentified Malaysian firm” according to Reuters, but it has yet to put up the cash for the two other aircraft. The deal cost a total of $70 million and reports indicate the wide-body’s were previously owned by Malaysia Airlines.

Air Zimbabwe also purchased a “small Embraer plane” and plans on taking delivery of five more similar aircraft.

The aircraft will be owned by Zimbabwe Aviation Leasing Company, a special government-run firm. During the delivery ceremony the finance minister, Patrick Chinamasa, said that the aircraft would be operated by a new private airline, Zimbabwe Airways.

Local media has reported that the purchase of the aircraft is linked to former president Robert Mugabe’s family although Chinamasa disputes the claim. In fact, the aircraft’s call sign is Z-RGM, which stands for Zimbabwe – Robert Gabriel Mugabe, according to

Air Zimbabwe is in about $330 million of debt, and Chinamasa said it couldn’t continue to support the failing airline, comparing investing in it to “putting resources into a bottomless pit.” Chinamasa wouldn’t comment on whether the new private airline would lead to the end of the state-owned Air Zimbabwe. Air Zimbabwe currently flies two Boeing 767s and one 737.

“Air Zimbabwe must put their house in order, and as long as they don’t put their house in order, these planes I can lease to any third party who can pay treasury the lease fees for the utilizations of the aeroplanes,” Chinamasa said.

According to other local reports, Chinamasa added that the 777s will be used on their “traditional routes” like Harare (HRE) to London, and he hopes that they will fly to China and other countries.  Government inspectors said the jets should be able to operate efficiently for the next 15 to 20 years.

Featured image courtesy of Harumutasa / aljazeera / Twitter.

Delta SkyMiles® Platinum American Express Card

Earn 90,000 bonus miles after you spend $3,000 in purchases within the first three months of card membership. Plus, earn a $200 statement credit after your first Delta purchase within the first three months. Offer ends 7/28/21.

With Status Boost™, earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year getting you closer to Medallion Status. Earn 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants and at U.S. supermarkets and earn 1X Mile on all other eligible purchases. Terms Apply.

Apply Now
More Things to Know
  • Limited Time Offer: Earn 90,000 Bonus Miles after spending $3,000 in purchases on your new Card in your first 3 months and a $200 statement credit after you make a Delta purchase with your new Card within your first 3 months. Offer expires 7/28/2021.
  • Limited Time Offer: Plus, get a 0% intro APR on purchases for 12 months from the date of account opening, then a variable 15.74%-24.74%. Offer expires 7/28/2021.
  • Accelerate your path to Medallion Status, with Status Boost®. Plus, in 2021 you can earn even more bonus Medallion® Qualification Miles (MQMs) to help you reach Medallion Status.
  • Earn 3X Miles on Delta purchases and purchases made directly with hotels.
  • Earn 2X Miles at restaurants worldwide, including takeout and delivery and at U.S. supermarkets.
  • Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. *Payment of the government imposed taxes and fees of no more than $75 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
  • Enjoy your first checked bag free on Delta flights.
  • Fee Credit for Global Entry or TSA Pre✓®.
  • Enjoy an exclusive rate of $39 per person per visit to enter the Delta Sky Club® for you and up to two guests when traveling on a Delta flight.
  • No Foreign Transaction Fees.
  • $250 Annual Fee.
  • Terms Apply.
  • See Rates & Fees
Intro APR on Purchases
0% on purchases for 12 months
Regular APR
15.74%-24.74% Variable
Annual Fee
Balance Transfer Fee
Recommended Credit
Terms and restrictions apply. See rates & fees.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.