Struggling Fastjet meets conditions to raise cash

(Reuters) - Troubled low-cost African carrier Fastjet Plc (FJET.L) said on Thursday it had enough cash to operate until Dec. 21 and that it had met the conditions for an open offer and equity refinancing to raise funds.

The company in September announced a fundraising and equity refinancing aimed at increasing its equity base by at least $40 million, which will give the airline enough working capital until the end of 2019.

The airline said it had cash balance of $7 million as of Wednesday, of which $6.5 million was restricted cash held inside Zimbabwe.

Last week, Fastjet had said it had cash to operate only until Dec. 14 or it may have to go into administration, shut shop or sell itself.


(Reporting by Samantha Machado and Sangameswaran S in Bengaluru; Editing by Shounak Dasgupta and Anil D'Silva)