Bonza creditors vote to liquidate embattled low-cost carrier

Bonza creditors vote to liquidate embattled low-cost carrier

Bonza’s creditors have officially moved to call time on the embattled carrier with the result of a vote today seeing the business liquidated.

Administrators Hall Chadwick had hoped to either sell Bonza or find a backer to come in with a Deed of Company Arrangement, though no offers materialised in time for today’s creditor meeting, the second of two.

Last week, Hall Chadwick had recommended time was called on the airline and creditors have reportedly voted 35 to six today in favour of liquidation.

Bonza took off for the first time in February last year.

“The administration process is designed to maximise the chances of the company or as much as possible of its business continuing in existence; or if this is not possible, to achieve a better result for the company’s creditors than that which would result if the company had been immediately wound up,” a Hall Chadwick statement today said.

“The administrators ran an extensive sales campaign involving numerous investors, other airlines and companies from the travel industry. The administrators assisted these interested parties, allowing each party to conduct due diligence to help formulate any offer.

“Unfortunately, the administrators had not received any offers for the sale of the company business and/or assets at the conclusion of the campaign.”

Hall Chadwick will now play the role of liquidator.

A damning 129-page creditor report last week unveiled an accumulated loss of over $130m at the time its planes were seized in April.

“The company’s operations were not self-sustaining,” the report said.

“[Bonza] was heavily reliant on funding from 777 Partners to continue its operations, which funding was sporadic and delayed.

“The company did not have sufficient resources to pay its debts as and when they fell due absent third-party support.

“The administrators consider that conducting public examinations of the directors may be required.”

Bonza nosediving amid mass cancellations and reports of repossessed planes

Today’s liquidation means that Bonza staff who were sacked in June are now able to claim unpaid wages through the governments Fair Entitlements Guarantee scheme.

The news follows reports last month of employees were ‘screaming and crying’ after receiving the news that Bonza will not be paying staff as the carrier entered voluntary administration at the beginning of May.

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