The administrators of Australia’s failed airline Bonza held a first creditors meeting in Sydney on May 10 to update creditors on the airline’s state of affairs following its collapse on April 30.
Bonza was forced to cease operations after aircraft lease manager AIP Capital removed flight manuals from its four B737-8s, leading to questions of trading while insolvent as the airline reportedly stopped paying bills including aircraft leases in February.
Three connected entities related to Bonza have filed for voluntary administration, with the majority shareholder, 777 Partners, taking ownership of the airline’s 20 aircraft before its collapse.
Bonza’s start-up operations in early 2023 faced challenges, with its proposed operating model requiring high ancillary revenue to break even. Funding uncertainties and the decision by ACap to stop financial support led to the airline’s downfall, resulting in unpaid salaries for employees and delays in refunds for ticket holders.
