Flair Airlines finds new backers as Bonza edges closer to the brink.
Already a subscriber?Canadian low-cost carrier Flair Airlines has moved to quell speculation about its future after its Australian sister airline Bonza entered voluntary administration, saying its backers will take shares owned by 777 Partners.said “an affiliate of Flair’s largest senior lender is acquiring a portion of the shares owned by 777 Partners and providing new non-binding debt funding”.
Speculation over Flair’s future has grown since the lessor to both Flair and Bonza, AIP Capital, moved to repossess Bonza’s aircraft on Wednesday in Australia. Administrators Hall Chadwick were looking for financiers and new planes, as Bonza’s fleet of 737 MAX-8 jets remained grounded on Thursday until at least midnight.
The demise of another Canadian low-cost carrier, Lynx Air, which folded in February, and the ongoing cloud over Miami-based private equity firm 777 Partners’ financial position as it fails to complete a £200 million takeover of UK Premier League club Everton, have added to doubts about Flair. is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets.
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The global turbulence behind Bonza’s backersBonza airlines was tipped into voluntary administration. But its problems are just part of wider questions being asked about the financial health of its backer, US investment firm 777 Partners.
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The global turbulence behind Bonza’s backersBonza airlines was tipped into voluntary administration. But its problems are just part of wider questions being asked about the financial health of its backer, US investment firm 777 Partners.
Read more »