Bonza Airline Discussion

[RooFlyer]

So it seems the aircraft owners/repossessors had their ears closest to the ground.

I guess the Directors are frantically trying to get bridging/last resort finance to tide them over but absent that, they will have to call Administrators in today, I think.

 

[moa999]

It seems the lessor was separated/ split from 777 Partners in 2023.

New Global Aviation Asset Manager, AIP Capital launches to capitalize on opportunities across the aviation sector – AIP Capital

www.aipcapital.com

And then shareholding changed again this month (10 April 2024)

AIP Capital Announces the Formation of Phoenix Aviation Capital

AIP Capital ("AIP"), a global aviation asset management and investment firm, today announced the formation of Phoenix Aviation Capital ("Phoenix"), a full-service aircraft lessor focused on financing modern, in-demand aircraft across the globe.

au.finance.yahoo.com

 

[Chicken]

The CEO is saying it’s a temporary suspension while his fleet are about to leave the country. Also earlier denying they were in financial strife.

You know the 5 stages of grieving?
After what happened with KordaMentha, we are in stage 1 - denial.
As the planes are leaving, it will turn to stage 2 very soon - anger

 

[moa999]

From airliners.net and flightaware none of the planes have moved this morning.

VH-UIK is in MEL
VH-UJK is in OOL
VH-UJT and VH-UKH are in MCY

The Flair branded aircraft C-FLHI is also in MCY and did a short loop flight yesterday.

 

[Saab34]

Those Flair crews in the country no doubt to also move some of the aircraft back to Canada.

 

[Chicken]

ABC reporter just went live on radio, saying administrators have just been appointed in the last few minutes.

 

[Saab34]

Hall Chadwick has been appointed as administrators to the airline.

The cash situation will be interesting here. I think they have burnt more vs what people think.

 

[henrus]

ABC reporter just went live on radio, saying administrators have just been appointed in the last few minutes.

I love that people on the ABC blog have said the app has allowed them to check in for tomorrows flight.

 

[jrfsp]

I love that people on the ABC blog have said the app has allowed them to check in for tomorrows flight.

Its been rescheduled as walking bus

 

[Chicken]

Its been rescheduled as walking bus

That's an insult to Bonza, who has been running a successful regular passenger bus service for the last few weeks between OOL and MCY!

 

[jrfsp]

That's an insult to Bonza, who has been running a successful regular passenger bus service for the last few weeks between OOL and MCY!

The bus was proving too expensive, high vis jackets will be issued prior to walking down the Bruce Hwy

 

[AisleSeat]

Just over 4 years to the day since VA went into VA (22 April 2020)

 

[Saab34]

Interesting the photo on the QLD Planespotters page has concrete blocks placed in front of each aircraft. I wonder if that is MCY doing that or the lessor. I remember Perth blocked Virgin aircraft during the bankruptcy

 

[HS-TQE]

^ Wasn't there reports that the 4x VH registered Bonza aircraft were being ferried into BNE for ferrying out by lessors shortly?

 

[muppet]

It will be interesting to know the issue of the failure, it seems that 777 creditors in the US are going after any assets linked to 777. It looks like it was creditors that had the Bonza planes moved into the AIP Capital Joint venture which A-Cap took control of and has now repossessed the aircraft.

Very complex web of structures that made it hard for Bonza I suspect.

 

[Saab34]

^ Wasn't there reports that the 4x VH registered Bonza aircraft were being ferried into BNE for ferrying out by lessors shortly?

According to that same Facebook site, yes. I guess we will see later tonight.

 

[muppet]

Interesting the photo on the QLD Planespotters page has concrete blocks placed in front of each aircraft. I wonder if that is MCY doing that or the lessor. I remember Perth blocked Virgin aircraft during the bankruptcy

It’s interesting isn’t it - apparently perfectly legal to block a creditor from accessing their secured assets because the company that leased those assets also owe you?

 

[Harrison_133]

Interesting the photo on the QLD Planespotters page has concrete blocks placed in front of each aircraft. I wonder if that is MCY doing that or the lessor. I remember Perth blocked Virgin aircraft during the bankruptcy

And repossession orders taped to the doors too.

 

[N860CR]

Interesting the photo on the QLD Planespotters page has concrete blocks placed in front of each aircraft. I wonder if that is MCY doing that or the lessor. I remember Perth blocked Virgin aircraft during the bankruptcy

Purely a little media spin from someone. If a vehicle is being repossessed, one can’t just block its wheels

 

[SeaWolf]

It’s interesting isn’t it - apparently perfectly legal to block a creditor from accessing their secured assets because the company that leased those assets also owe you?

I don't know that it is perfectly legal. The whole point of a business going into Administration is to protect it from its creditors and ensure either a restructure or orderly liquidation, to prevent a creditor free-for-all where they're all grabbing at anything that isn't nailed down.