The mystery continues...
One of the two Flair tails that went to Australia in late 2023 has been parked at MCY, (Sunshine Coast airport), since the morning of March 1st.
Whereas all previous flights were operated under Bonza's AB flight designator, C-FLHI's last sector from Gold Coast. (OOL), operated under Flair's F8 designator as Flair 8045. That would suggest it's off Bonza's books and back with Flair.
I don't see any evidence of an MRO at MCY, and even if there were, I can't see a 4 year old Max 8 requiring 40+ days of heavy maintenance.
Air Nauru have been operating a 30+ year old 112 seat 737-300, (VH-XNU) for Bonza since the 24th March.
All other Bonza tails are operating so the Air Nauru tail wasn't brought in to replace an organic Bonza tail, each of which seat 189 passengers.
Last I checked, aircraft AOG don't generate revenue, yet someone is paying / eating us$350k a month + reserves + parking expenses, to store what should be a serviceable, in demand aircraft in the weeds for reasons unknown.
I doubt it's a coincidence that Flair has been throwing a desperately needed life line to Canada Jetlines who've been operating a 174 seat A320 on behalf of Flair since 7 March. Wet leasing aircraft will be a profitable venture for Jetlines, who'll happily take their 10% margin, especially given their awful recent financial disclosures. That margin doesn't leave anything for Flair, unless one chooses to believe that Flair's margins are in excess of 10%, which, if true, would have ensured Flair would never have run into all their recent obvious financial issues.
Anyone have any insights?
C-FLHI MIA?
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Realitychex
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Realitychex
- Rank 7
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- Joined: Sat Dec 23, 2006 2:37 pm
Re: C-FLHI MIA?
KordaMentha runs the ruler over Bonza as its Miami PE owner wavers
Matthew Cranston and Ayesha de Kretser
Updated Apr 18, 2024 – 5.22pm,
New York/Melbourne | Bonza’s financiers have called on restructuring advisory KordaMentha to provide them with advice about the ongoing operations of the country’s fourth-largest airline amid instability at its Miami-based private equity owner.
Bonza launched in January last year, after more than a year of planning, flying to regional destinations including Cairns, Gladstone and Albury. It is not flying to Sydney or Brisbane, although it has services to Melbourne.
The airline is not in administration, and two sources close to the matter but unauthorised to comment publicly said it would be more accurate to describe KordaMentha’s role as advisory in nature. A spokeswoman said KordaMentha had not been appointed “as financial advisors to Bonza, or in any other capacity”.
KordaMentha’s work is being led by Sebastian Hams, a restructuring partner who has worked with Ansett, Virgin Australia and the Whyalla steelworks.
A Bonza flight in Melbourne on Thursday. Some of its ultra-cheap services have proved very popular. Others are less full. Eamon Gallagher
Sources said A-Cap, a New York-headquartered insurance group, had provided a debt facility to 777 Partners, Bonza’s major shareholder, which it has since withdrawn. A-Cap had been directed by the Bermuda Monetary Authority to no longer provide finance to the airline because of complications arising from its investment in 777, they added.
A-Cap has also taken a 49 per cent stake in 777’s AIP Capital division, which was once part of the private equity firm and continues to hold most of the aircraft flown by Bonza. The other 51 per cent of AIP Capital is owned by management.
777 has been under serious strain after its own creditors, including A-Cap, pushed to take control of assets. The Justice Department in the United States is also investigating whether 777 – which owns the Genoa, Sevilla and Melbourne Victory soccer teams and is trying to buy Everton – violated money-laundering laws.
A KordaMentha spokesman declined to comment.
On Thursday, Bonza flights remained in the sky. One flight, from Toowoomba to Melbourne, was about 75 per cent full. Some of its services are less popular, although others – like that from Melbourne to Port Macquarie – have been a hit with travellers.
At Melbourne airport, Caitlin Ruke said that she had been waiting for the flight to be added before booking a trip to Port Macquarie. “It’s a direct flight from Melbourne and with a newborn child it’s pretty hard to get there otherwise,” Ms Ruke said.
Another traveller, Tony Spouse, said Bonza’s irregular schedule meant he had spent more time in Melbourne than he had wanted to, but “even with an extra night’s accommodation it was cheaper than Qantas”.
There has been growing scepticism about Bonza’s operations after the airline grounded one of its planes at the Gold Coast. A spokesman said last week that Bonza was waiting on re-certification from the Civil Aviation Safety Authority after the aircraft was permanently transferred from 777’s Canadian airline, Flair. However, aviation industry sources said missed lease payments had led to the aircraft’s grounding.
https://www.flightradar24.com/data/aircraft/c-flhi#
Tim Jordan is the chief executive of Bonza. He said 777 invested in the airline because “they could see the opportunity”. Lindsay Moller
Bonza had also wet-leased Boeing 737s from Nauru Airlines, which abruptly terminated the agreement on Monday, leaving travellers in Queensland stranded. Aircraft lessors based in Ireland have separately sued 777 over unpaid bills.
A spokeswoman for Bonza blamed delays returning the aircraft grounded on the Gold Coast for the cancellations. “Chartering an aircraft through Nauru Airlines was always temporary, and we’re grateful for the support and partnership of our mates at Nauru Airlines,” she said. “At times our schedules do not line up with their availability and unfortunately a small number of flights – seven – have been cancelled this month.”
Between them, Bonza and Regional Express, the domestic carrier better known as Rex, have 7 per cent of Australia’s domestic aviation market.
The Australian Financial Review’s Street Talk column reported last year that 777 had considered bringing in new capital partners for Bonza, placing a $100 million valuation on the airline. “Our differentiated strategy has captivated the imagination of individual customers, the community and also, potential investors,” Mr Jordan said at the time.
Matthew Cranston and Ayesha de Kretser
Updated Apr 18, 2024 – 5.22pm,
New York/Melbourne | Bonza’s financiers have called on restructuring advisory KordaMentha to provide them with advice about the ongoing operations of the country’s fourth-largest airline amid instability at its Miami-based private equity owner.
Bonza launched in January last year, after more than a year of planning, flying to regional destinations including Cairns, Gladstone and Albury. It is not flying to Sydney or Brisbane, although it has services to Melbourne.
The airline is not in administration, and two sources close to the matter but unauthorised to comment publicly said it would be more accurate to describe KordaMentha’s role as advisory in nature. A spokeswoman said KordaMentha had not been appointed “as financial advisors to Bonza, or in any other capacity”.
KordaMentha’s work is being led by Sebastian Hams, a restructuring partner who has worked with Ansett, Virgin Australia and the Whyalla steelworks.
A Bonza flight in Melbourne on Thursday. Some of its ultra-cheap services have proved very popular. Others are less full. Eamon Gallagher
Sources said A-Cap, a New York-headquartered insurance group, had provided a debt facility to 777 Partners, Bonza’s major shareholder, which it has since withdrawn. A-Cap had been directed by the Bermuda Monetary Authority to no longer provide finance to the airline because of complications arising from its investment in 777, they added.
A-Cap has also taken a 49 per cent stake in 777’s AIP Capital division, which was once part of the private equity firm and continues to hold most of the aircraft flown by Bonza. The other 51 per cent of AIP Capital is owned by management.
777 has been under serious strain after its own creditors, including A-Cap, pushed to take control of assets. The Justice Department in the United States is also investigating whether 777 – which owns the Genoa, Sevilla and Melbourne Victory soccer teams and is trying to buy Everton – violated money-laundering laws.
A KordaMentha spokesman declined to comment.
On Thursday, Bonza flights remained in the sky. One flight, from Toowoomba to Melbourne, was about 75 per cent full. Some of its services are less popular, although others – like that from Melbourne to Port Macquarie – have been a hit with travellers.
At Melbourne airport, Caitlin Ruke said that she had been waiting for the flight to be added before booking a trip to Port Macquarie. “It’s a direct flight from Melbourne and with a newborn child it’s pretty hard to get there otherwise,” Ms Ruke said.
Another traveller, Tony Spouse, said Bonza’s irregular schedule meant he had spent more time in Melbourne than he had wanted to, but “even with an extra night’s accommodation it was cheaper than Qantas”.
There has been growing scepticism about Bonza’s operations after the airline grounded one of its planes at the Gold Coast. A spokesman said last week that Bonza was waiting on re-certification from the Civil Aviation Safety Authority after the aircraft was permanently transferred from 777’s Canadian airline, Flair. However, aviation industry sources said missed lease payments had led to the aircraft’s grounding.
https://www.flightradar24.com/data/aircraft/c-flhi#
Tim Jordan is the chief executive of Bonza. He said 777 invested in the airline because “they could see the opportunity”. Lindsay Moller
Bonza had also wet-leased Boeing 737s from Nauru Airlines, which abruptly terminated the agreement on Monday, leaving travellers in Queensland stranded. Aircraft lessors based in Ireland have separately sued 777 over unpaid bills.
A spokeswoman for Bonza blamed delays returning the aircraft grounded on the Gold Coast for the cancellations. “Chartering an aircraft through Nauru Airlines was always temporary, and we’re grateful for the support and partnership of our mates at Nauru Airlines,” she said. “At times our schedules do not line up with their availability and unfortunately a small number of flights – seven – have been cancelled this month.”
Between them, Bonza and Regional Express, the domestic carrier better known as Rex, have 7 per cent of Australia’s domestic aviation market.
The Australian Financial Review’s Street Talk column reported last year that 777 had considered bringing in new capital partners for Bonza, placing a $100 million valuation on the airline. “Our differentiated strategy has captivated the imagination of individual customers, the community and also, potential investors,” Mr Jordan said at the time.
Re: C-FLHI MIA?
I guess Nauru stopped doing the flying when they realized they weren’t getting paid.
Re: C-FLHI MIA?
Being repatriated back to YYC tomorrow I’ve been advised.
Re: C-FLHI MIA?
https://www.bloomberg.com/news/articles ... ckout=true
Budget Australian airline Bonza, owned by 777 Partners, had its fleet repossessed by creditors and cancelled flights on Tuesday, the Australian Financial Review reported.
The airline’s Boeing Co. Max aircraft were initially purchased by 777 Partners, but the venture capital firm’s creditors this month formed a new entity to take over planes linked to 777 Partners, the newspaper said.
The carrier last week denied a newspaper report that it had appointed KordaMentha, best known as a restructuring specialist for financially stressed companies, as a financial advisor.
Miami-based 777 Partners had previously laid out plans to build a global airline portfolio to add to a sprawl of sports and aviation assets. The firm agreed to buy UK football club Everton last year, but recently asked for more time to complete the takeover.
Budget Australian airline Bonza, owned by 777 Partners, had its fleet repossessed by creditors and cancelled flights on Tuesday, the Australian Financial Review reported.
The airline’s Boeing Co. Max aircraft were initially purchased by 777 Partners, but the venture capital firm’s creditors this month formed a new entity to take over planes linked to 777 Partners, the newspaper said.
The carrier last week denied a newspaper report that it had appointed KordaMentha, best known as a restructuring specialist for financially stressed companies, as a financial advisor.
Miami-based 777 Partners had previously laid out plans to build a global airline portfolio to add to a sprawl of sports and aviation assets. The firm agreed to buy UK football club Everton last year, but recently asked for more time to complete the takeover.
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Timetoflyagain
- Rank 3
- Posts: 104
- Joined: Tue Dec 07, 2021 7:12 pm
Re: C-FLHI MIA?
…standing by for the announcement that, in addition to all the ex-Lynx 737’s..all the ex-Bonza 737’s will also be joining Flair’s fleet…
…including the ex-Flair 737’s that went to join Bonza…
..just as soon as someone pays the fuellers..they’ll be all on the way….
..any minute now…
…including the ex-Flair 737’s that went to join Bonza…
..just as soon as someone pays the fuellers..they’ll be all on the way….
..any minute now…
Re: C-FLHI MIA?
I’d be more worried about the announcement coming that all of Flairs 777 owned 37s are being repossessed.Timetoflyagain wrote: ↑Mon Apr 29, 2024 8:15 pm …standing by for the announcement that, in addition to all the ex-Lynx 737’s..all the ex-Bonza 737’s will also be joining Flair’s fleet…
…including the ex-Flair 737’s that went to join Bonza…
..just as soon as someone pays the fuellers..they’ll be all on the way….
..any minute now…
How many of the remaining Flair fleet are through 777?
That story is from a day and a half ago end of day news cycle, possible the Canadian version of this will break today. If Flair is only paying loan interest and not up to date on actual lease payments, guaranteed this creditor will be going after those assets.
The 777 house of cards is crumbling!
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TurkeyFarmYQX
- Rank 2
- Posts: 95
- Joined: Sun Oct 08, 2017 5:38 am
Re: C-FLHI MIA?
cdnavater wrote: ↑Tue Apr 30, 2024 8:13 amI’d be more worried about the announcement coming that all of Flairs 777 owned 37s are being repossessed.Timetoflyagain wrote: ↑Mon Apr 29, 2024 8:15 pm …standing by for the announcement that, in addition to all the ex-Lynx 737’s..all the ex-Bonza 737’s will also be joining Flair’s fleet…
…including the ex-Flair 737’s that went to join Bonza…
..just as soon as someone pays the fuellers..they’ll be all on the way….
..any minute now…
How many of the remaining Flair fleet are through 777?
That story is from a day and a half ago end of day news cycle, possible the Canadian version of this will break today. If Flair is only paying loan interest and not up to date on actual lease payments, guaranteed this creditor will be going after those assets.
The 777 house of cards is crumbling!
He was clearly being sarcastic.
