Very little clarity as Bonza debacle continues 

BTN News
Friday, 03 May 2024

Australia's Bonza Air will not fly again until at least next Tuesday, May 7,  administrator Hall Chadwick says, with its four 737 MAX 8 jets grounded after being repossessed by their US lessor AIP, (which recently transferred the planes to a new corporate vehicle, Phoenix Aviation Capital).


Hall Chadwick also has had to stand down the majority of Bonza's employees pending the outcome of discussions with stakeholders.

At the same time, Bonza's Canadian low-cost 'sister' carrier Flair Airlines says “an affiliate of Flair’s largest senior lender is acquiring a portion of the shares owned by (Bonza and Flair controlling firm) 777 Partners".

What this means for Bonza stakeholders and passengers was not clear on Thursday night Australia time, though some media said 777 Partners’ stake of about 24 per cent in Canada's Flair had been diluted to 'close to zero' and it had given up its Board seats. That claim could not be confirmed by BTN.

Another media firm said ACap, the US-based insurer that now controls the leasing company that repossessed Bonza’s planes, has a more than US$500 million debt exposure to Flair Airlines. Again, that was not able to be confirmed by press time.

Hall Chadwick on Thursday was understood to be looking for financiers and new planes for Bonza, but everything there was 'fluid' and subject to change.

While Australia's focus is on Bonza, Miami-based venture capital firm 777 Partners also is involved in other complex business transactions, including a multi-million pound loan to UK soccer club Everton.

The UK's Times media says 777 already has injected GBP16 million into Everton.

Very little clarity as Bonza debacle continues 

BTN News
Friday, 03 May 2024

Australia's Bonza Air will not fly again until at least next Tuesday, May 7,  administrator Hall Chadwick says, with its four 737 MAX 8 jets grounded after being repossessed by their US lessor AIP, (which recently transferred the planes to a new corporate vehicle, Phoenix Aviation Capital).


Hall Chadwick also has had to stand down the majority of Bonza's employees pending the outcome of discussions with stakeholders.

At the same time, Bonza's Canadian low-cost 'sister' carrier Flair Airlines says “an affiliate of Flair’s largest senior lender is acquiring a portion of the shares owned by (Bonza and Flair controlling firm) 777 Partners".

What this means for Bonza stakeholders and passengers was not clear on Thursday night Australia time, though some media said 777 Partners’ stake of about 24 per cent in Canada's Flair had been diluted to 'close to zero' and it had given up its Board seats. That claim could not be confirmed by BTN.

Another media firm said ACap, the US-based insurer that now controls the leasing company that repossessed Bonza’s planes, has a more than US$500 million debt exposure to Flair Airlines. Again, that was not able to be confirmed by press time.

Hall Chadwick on Thursday was understood to be looking for financiers and new planes for Bonza, but everything there was 'fluid' and subject to change.

While Australia's focus is on Bonza, Miami-based venture capital firm 777 Partners also is involved in other complex business transactions, including a multi-million pound loan to UK soccer club Everton.

The UK's Times media says 777 already has injected GBP16 million into Everton.