In a crucial meeting held on Friday morning, administrators addressed the first creditors of Bonza Airlines, revealing that approximately 20 parties are actively engaged in discussions to rescue the embattled airline. Bonza, which recently faced financial turmoil, suspended all flights and entered voluntary administration. The company’s debts amount to over $116 million, including loans, trade creditor dues, airport fees, employee wages, and customer refunds for canceled flights.
The Struggle to Save Bonza
Despite the challenges, there is optimism that Bonza can be salvaged. Representatives from Hall Chadwick expressed hope that a transaction would occur in the “not too distant future.” However, the path to recovery remains uncertain. The airline’s eight planes, part of a Boeing 737 Max fleet, were repossessed by creditors, leaving Bonza without access to its existing fleet. The situation is dire, but parties involved—ranging from investors to other airlines—are actively exploring solutions.
The Debts and the Departure
Bonza’s financial woes stem from a complex web of obligations. The company owes $77 million in loans, $16 million to trade creditors, $10.5 million to airports, and $4.6 million to plane lessors. Employee wages and entitlements account for $5.3 million, while customers await $58,000 in refunds. The airline’s budget carrier, 737-Max 8 “Bruce,” already left Australia after being repossessed. It was leased from Canadian airline Flair, but the agreement expired in February. “Bruce” embarked on a journey from Sunshine Coast Airport to its final destination in Calgary via a refueling stop in Honolulu.
The Road Ahead
Bonza’s fate hinges on the outcome of a second creditors’ meeting scheduled for the coming weeks. During this meeting, stakeholders will vote on the company’s future. While the challenges are immense, there is a glimmer of hope. Administrators hinted that Bonza might explore alternative aircraft sources to resume operations, although this process could take up to four months. The remaining planes—“Bazza,” “Shazza,” “Sheila,” and “Malc”—owned by AIP Capital, are expected to find new life with other carriers overseas.
