News
Bonza administrators given two-month extension to find buyer
May 28th 2024
Australia's Federal Court has granted administrators of LCC Bonza a further two months to find a buyer for the collapsed Australian airline. Read More » Hall Chadwick said it expected to present proposals from potential buyers of the airline at a second meeting of creditors. "The main purpose of the extension is to provide the administrators with further time to conduct a sale process for the companies’ business and assets, which we believe is in the best interests of all creditors," Hall Chadwick said. "The administrators understand how difficult and frustrating this time is for employees, however we continue to pursue the objective of a voluntary administration, which is to maximise the chances of the company’s business continuing in existence. We accept that liquidating may immediately deliver a faster resolution for employees, but a sale would ensure a better outcome for all stakeholders, including employees." Hall Chadwick said it had permitted a number of interested parties access to a data room to conduct due diligence with a view to providing binding offers. The administrators added Bonza's U.S.-based owners, 777 Partners, remained interested in reviving the airline, having informed them on May 21 it "may wish to propose a deed of company arrangement" to restructure Bonza, which collapsed on April 30.
