KCB Group Authorized to Liquidate DAC Aviation International’s Assets Due to $1 Billion Debt
The Commercial and Tax Division Court has granted KCB Group the authority to liquidate the assets of DAC Aviation International (DAC), an aircraft charter and maintenance firm. This decision comes as DAC struggles to repay its significant debt of $1 billion.
Justice David Majanja presided over the ruling, which dismissed a suit filed by Emmanuel Anassi, DAC’s guarantor, seeking to prevent KCB from interfering with DAC’s operations or seizing its assets. DAC had disclosed its substantial indebtedness in a 2020 application, including an overdraft of $1 million and two long-term loans totaling $1.9 million and $1.7 million.
DAC is known for providing humanitarian air charter services in conflict zones, making it a capital-intensive business.
