Already a subscriber?Bonza co-founder Tim Jordan had a bold dream for regional leisure travellers and connecting some of Australia’s most far-flung places when he started pitching his airline to investors in 2017., was predicated on flying 72-seat planes , 83 per cent full, between townships left behind by the Qantas and Virgin duopoly. It relied on scaling up its fleet quickly and extracting about $50 per passenger in income from booze, snacks and baggage.
The Seattle-based plane manufacturer would not hand its aircraft over to an unknown quantity like 777 Partners and demanded that it set up start-up airlines with Boeing planes – meaning 777 saw Bonza as an ideal progression of its aviation experiment. If Bonza’s plan for 72-seat planes was never going to succeed, it made even less sense with the 180-seat 737 Max-8s.“It’s like wearing size 12 boots when you’ve got size 3 feet,” says Ellis Taylor from aviation analytics firm Cirium. “There’s too much capacity to soak up the demand that was there, which meant they would have to discount the fares below cost to get enough people flying.
It is believed that ACap held ultimate security over 777 Partners’ planes and called them in last month, when a related entity called AIP Capital – the leasing company that repossessed Bonza’s planes on Tuesday – issued a cryptic announcement about funding structures that didn’t name ACap.AIP Capital’s ownership had changed too: 777 Partners’ 49 per cent stake now belonged to an unnamed US insurer, confirmed by Bonza spokeswoman Tatiana Day to be ACap.
This week, AIP Capital, in which 777 Partners no longer has any interest, is said to have struck a deal with LOT Polish Airlines and is now going through legal proceedings to haveAIP Capital’s move to repossess sent ripples across the world. Canadian tax and ministerial authorities have been raising questions about 777 Partners’ involvement in Flair for years. They have also been chasing 777 Partners for $C67.
Gradek told Canadian media two weeks ago that he believed Flair would not last until Thanksgiving. On Wednesday, after news of Bonza’s demise broke, he brought forward his prediction.In Australia, Bonza has been trading since February, leaving behind a trail of unpaid leases and unpaid bills at regional airports across the country.’s report on April 18 that it was working with KordaMentha.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FinancialReview - 🏆 2. / 90 Read more »
Source: GuardianAus - 🏆 1. / 98 Read more »
Source: GuardianAus - 🏆 1. / 98 Read more »
Source: GuardianAus - 🏆 1. / 98 Read more »
Source: FinancialReview - 🏆 2. / 90 Read more »
Source: FinancialReview - 🏆 2. / 90 Read more »