Bonza saga will drag on till August 5 at least

BTN News
Tuesday, 28 May 2024

In Australia, Hall Chadwick (HC), the administrator of insolvent Bonza Air, has been given a two-month extension to sell the business and its assets.


HC claimed the time was in the best interests of all creditors.

HC also said the airline's US-based owner 777 Partners may propose a deed of company arrangement (DOCA) to restructure Bonza and its Australian holding company 777 Holdco as a group, although HC's James Hutton said on May 27 it had not received a firm DOCA proposal from 777 Partners or anyone else.

HC does however say that several other interested parties have conducted due diligence on the downed airline's books. 

Four of five aircraft leased by Bonza have already left Australia, leaving its most valuable asset its air operators certificate (AOC), which can only be used by the party that was granted the certificate.

"We understand the only way the AOC can be acquired by an interested party is if they were to acquire the shares in Bonza via a DOCA," Hall Chadwick said.

 A creditors' meeting to vote on proposals to buy Bonza will now take place on August 5, 2024, instead of June 4. 

Bonza saga will drag on till August 5 at least

BTN News
Tuesday, 28 May 2024

In Australia, Hall Chadwick (HC), the administrator of insolvent Bonza Air, has been given a two-month extension to sell the business and its assets.


HC claimed the time was in the best interests of all creditors.

HC also said the airline's US-based owner 777 Partners may propose a deed of company arrangement (DOCA) to restructure Bonza and its Australian holding company 777 Holdco as a group, although HC's James Hutton said on May 27 it had not received a firm DOCA proposal from 777 Partners or anyone else.

HC does however say that several other interested parties have conducted due diligence on the downed airline's books. 

Four of five aircraft leased by Bonza have already left Australia, leaving its most valuable asset its air operators certificate (AOC), which can only be used by the party that was granted the certificate.

"We understand the only way the AOC can be acquired by an interested party is if they were to acquire the shares in Bonza via a DOCA," Hall Chadwick said.

 A creditors' meeting to vote on proposals to buy Bonza will now take place on August 5, 2024, instead of June 4.