Even after the proclaimed announcement of the recovery of 47.3 million dollars, made last week by the new managers of LAM (Fly Modern Ark), the Center for Public Integrity (CIP) says that LAM remains a technically bankrupt company.

The arguments put forward by the CIP are that the 47.3 million dollars "recovered" by the new managers, on the one hand, are not enough to turn the equity positive and make the company solvent and, on the other hand, correspond to only 38%4.

"These figures show that even with the recovery announced by the FMA, LAM is still heavily in debt, still has negative equity and is still insolvent," reads the NGO document consulted by MZNews.

The Minister of Transport and Communications, Mateus Magala, clarified at the time that the recovery of 47.3 million dollars was due to the revaluation of charges and the company Fly Modern Ark said that of the 47.3 million dollars, 22 million were injected by the shareholder (state and partners), and 7.3 million dollars refer to the amounts charged to customers.

However, the CIP says that this information is not enough for the company to have emerged from insolvency, as some of it only creates changes in the balance sheet and the ratios are still worrying.

In addition, CIP recalls that by the end of 2021, the company's equity value was estimated to be negative, resulting in a solvency ratio, debt/equity, which was also negative, and therefore LAM's classification as a "technically bankrupt" company.

In this case, according to the NGO, "the recovery of accounts receivable alone is not enough to say that the company is no longer insolvent. First and foremost, equity must be positive."