RIP Bonza
Feel free to catch up https://www.bbc.com/news/business-29655383
It was an easy exit option for SQ, they needed to get rid of it, but didn’t want to admit defeat and shut it, while being the main kingmaker in the Borghetti fantasy, they made him take it. He didn’t have a choice, he didn’t want it, but he needed the cash from SQ also. It was all about saving face in the end for the Singaporeans.
Tiger should have been executed a decade prior to when it was. Not that it would have prevented the Virgin bankruptcy, but it wouldn’t have screwed around with so many careers.
Tiger should have been executed a decade prior to when it was. Not that it would have prevented the Virgin bankruptcy, but it wouldn’t have screwed around with so many careers.
Which airline that Qantas directly competes against is not owned and regulated by a government? SQ , EK , mainland Chinese carriers , Turkish airlines ? The Americans have strong protections in place . The Australian government understand this and they have to support Qantas to a mm of the law and more if required . That’s why Qantas is the most secure career followed by which ever airline is second , never the third one .
Same goes for the banks .
Same goes for the banks .
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QF’s only direct competitor is VA. Not much government ownership there.
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Total debt will be between $120-130m it seems.
No airline has burnt so much cash in the available timeframe like this has. Holey Moley.
Looks like Airports are owed a fair bit. Nauru airlines also, so that was another lie from Timbo.
Plus some strange statement from the him
Yes. He realised his dream. By operating a high cost, half empty, cash burning, fledging airline. Congratulations.
No airline has burnt so much cash in the available timeframe like this has. Holey Moley.
Looks like Airports are owed a fair bit. Nauru airlines also, so that was another lie from Timbo.
Plus some strange statement from the him
A message to creditors from Bonza chief executive Tim Jordan was read out at the start of the meeting, reflecting on the airline’s short-lived operations.
He said Bonza realised his dream of democratising air travel in Australia, and since January 2023 the airline had carried almost one million customers to 22 destinations.
“It’s therefore very hard to balance this with how we find ourselves today,” Mr Jordan said.
He said Bonza realised his dream of democratising air travel in Australia, and since January 2023 the airline had carried almost one million customers to 22 destinations.
“It’s therefore very hard to balance this with how we find ourselves today,” Mr Jordan said.
Just proving the oldie but a goodie, how do you make a small fortune in aviation? Start off with a big one.
That was also a huge problem for VA, with each 'partner' trying to block the others ideas to prevent one from being stronger than the other, with too many industry large partners you also get mired in what each wants to achieve from the venture. All three were just happy to keep VA afloat at a small loss to keep pressure on QF at home. When the losses mounted too high and SQ was the only one bankrolling it, it was always going to end badly. That is probably why Bain is struggling to find suitors, they are probably put off not only by the viability of the airline, but who will have controlling shares if it floats. I'm sure if SQ could get 50% cheap they might entertain it, but there's not many others who'd have the cash for a long term go at it. You'd be mad to buy into airlines at the moment, there is not much stability of cost base for the future.
Total debt will be between $120-130m it seems.
No airline has burnt so much cash in the available timeframe like this has. Holey Moley.
Looks like Airports are owed a fair bit. Nauru airlines also, so that was another lie from Timbo.
Plus some strange statement from the him
Yes. He realised his dream. By operating a high cost, half empty, cash burning, fledging airline. Congratulations.
No airline has burnt so much cash in the available timeframe like this has. Holey Moley.
Looks like Airports are owed a fair bit. Nauru airlines also, so that was another lie from Timbo.
Plus some strange statement from the him
Yes. He realised his dream. By operating a high cost, half empty, cash burning, fledging airline. Congratulations.
Bit more info from the ABC
About 20 parties, including investors, airlines and travel companies, are in talks to save Bonza, administrators have revealed at the first creditors' meeting for the embattled airline.
Representatives from Hall Chadwick told attendees on Friday morning they were hopeful a transaction would happen in the "not too distant future".
The ABC understands the airline's debts total more than $116 million, including $77 million in loans, $16 million owed to trade creditors, $10.5 million to airports, $4.6 million to the plane lessors, $5.3 million in employee wages and entitlements, and $58,000 to customers for cancelled flights.
Representatives from Hall Chadwick told attendees on Friday morning they were hopeful a transaction would happen in the "not too distant future".
The ABC understands the airline's debts total more than $116 million, including $77 million in loans, $16 million owed to trade creditors, $10.5 million to airports, $4.6 million to the plane lessors, $5.3 million in employee wages and entitlements, and $58,000 to customers for cancelled flights.
58k in refunds seems a little low!
I don’t know what’s more concerning.
The fact that a tiny startup airline that has burnt 9 figures in little over a year, has ‘interest’ according to the administrators, or the fact Tim Jordan seems keen to have a second crack at this.
Let me rephrase
‘Bonza carried nearly 1 million customers to 22 destinations, many of those being large regional centres, and we burnt $120 million achieving that’
The fact that a tiny startup airline that has burnt 9 figures in little over a year, has ‘interest’ according to the administrators, or the fact Tim Jordan seems keen to have a second crack at this.
Bonza carried nearly 1 million customers to 22 destinations, many of those being large regional centres,” said Jordan.
‘Bonza carried nearly 1 million customers to 22 destinations, many of those being large regional centres, and we burnt $120 million achieving that’
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The most idiotic thing in all this, is they want another crack at it. It’s insane.
The employees are hanging on to claim wages not paid, they can’t do this until the whole place is wound up.
In the meantime, they are at the mercy of Branson wannabes trying to keep it alive.
The employees are hanging on to claim wages not paid, they can’t do this until the whole place is wound up.
In the meantime, they are at the mercy of Branson wannabes trying to keep it alive.
Just when you think you have heard the most idiotic thing ever about Bonza, Australia's leading aviation journalist says, "Hold my pinot grigio!"
https://www.airlineratings.com/news/...-bonza-effect/
https://www.airlineratings.com/news/...-bonza-effect/
AirlineRatings.com understands that several parties have serious interest in the airline as the Bonza model works and most of the airline’s flights have been full.
Just when you think you have heard the most idiotic thing ever about Bonza, Australia's leading aviation journalist says, "Hold my pinot grigio!"
https://www.airlineratings.com/news/...-bonza-effect/
https://www.airlineratings.com/news/...-bonza-effect/
Also claims Bonza has saved passengers $125m. Failed to mention they have burnt at least $120m doing so.
Why is everyone including the company, trying to cover up how $hit the thing has financially performed?