Zimbabwe´s justice ministry has announced it has appointed an administrator to run Air Zimbabwe, the company said.
Air Zimbabwe has incurred ZWD 4.5bn (USD 300m) in debt, including debt to foreign creditors.
The airline reports only three of its planes are currently in operation. Three aircraft have been grounded. International routes are not in operation.
The appointed administrator is charged with raising money for purposes of reconstruction.
The government´s finance ministry has announced it hopes to sell stakes in the airline.
Air Zimbabwe Ltd is the national carrier of Zimbabwe, headquartered on the property of Harare International Airport, in Harare. Until recently, the carrier operated a network within southern Africa that also included Asia and London-Gatwick.