The administrators are going to court on Monday to try and push the second creditors meeting (decision meeting) from June to August for the following reasons:
(a) the Administrators are conducting a sale campaign to sell the Business of the
Companies. The sale campaign remains ongoing and is unlikely to be conducted
before the end of the convening period;
(b) if the sale campaign is not able to reach completion prior to the Second Creditors
Meeting, it is likely that the value attributable to Bonza’s primary asset, an air
operator’s certificate, will be lost; and
(c) the Administrators’ preliminary investigations have revealed potential legal claims
which require further investigation before the Administrators can properly report to creditors.
This paragraph is also making news in some News Corp publications:
"On 21 May 2024, the Administrators were informed by 777 Partners, who we understand to be the ultimate holding company of Bonza and 777 Holdco domiciled in the United States,
that it may wish to propose a Deed of Company Arrangement (DOCA) to restructure the
Companies as a group. The Administrators have not yet received a proposal for a DOCA
from 777 Partners".