The administrators of insolvent Bonza (AB, Sunshine Coast) have secured a two-month extension of their appointment as voluntary administrators of the airline. Australia’s Federal Court granted the extension in a May 27 hearing. Hall Chadwick said it needed the extra time to sell the business and its assets, which it claims is in the best interests of all creditors.
The administrators also said that its US-based owners, 777 Partners, had advised that they may wish to propose a deed of company arrangement (DOCA) to restructure Bonza and its Australian holding company, 777 Holdco, as a group. However, James Hutton, appearing for Hall Chadwick, told the court they had not received a firm DOCA proposal from 777 Partners (or any other potenti…
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