Fastjet has only enough cash to fly for one week

The airline, which had a cash balance of Sh696.1 million ($6.8 million) as of Thursday, said it might have to formally hire insolvency advisers for the process of administration. [Photo: Courtesy]

Troubled low-cost African carrier Fastjet Plc warned on Friday it may have to go into administration, shut shop or sell itself as it had only enough cash to keep it in business for another seven days.

The airline, which had a cash balance of $6.8 million as of Thursday, said it might have to formally hire insolvency advisers for the process if its cash balance does not improve.