Zambezi Airlines has closed its operations.
According to sources in the company, the airline was closed on 19 October 2012 due to serious liquidity problems.
The shareholders are currently looking for equity partners to help them run the airline.
So far there are discussions with Sorenta Aviation of South Africa which is seemingly interested.
However, the sources say that these investors are concerned with the current large workforce of 100.
Sorenta reportedly operates a fleet of five planes (5) with a workforce of 36.
For the partnership to work, they have therefore advised Zambezi to reduce the manpower to 36 for the Zambia office.
Because of lacking money to pay new retrenchees and others that were retrenched in 2011, Zambezi has decided to close for a while to scout for resources.
The airline is expected to open in January 2013.
Meanwhile, the sources reveal that Zambezi sought to borrow from one of the Zambian based Nigerian banks, but the loan application was declined.
In the last closure bailiffs seized assets from creditors to cover their losses.
Airline officials were not picking their phones for clarification.