RIP Bonza
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Are we forgetting Virgin Australia entered administration owing 6.9 billion and Bain bought it for 3.5 billion. And everyone clapped Deloitte as the prodigal sons and daughters
BILLIONS written down at the expense of the shareholders and creditors.
The US has Chapter 11 to wipe the slate clean, reset and go again with a court tick of approval. Australia, subject to a buyer who values a high capacity AOC that has moved nearly a million bums in just over a year, has Hall Chadwick under the auspices of ASIC. In a ridiculously overpriced domestic market that Texel, ASL, Avia Solutions, Mineral Resources and others are already investing in narrow body capacity and capability.
BILLIONS written down at the expense of the shareholders and creditors.
The US has Chapter 11 to wipe the slate clean, reset and go again with a court tick of approval. Australia, subject to a buyer who values a high capacity AOC that has moved nearly a million bums in just over a year, has Hall Chadwick under the auspices of ASIC. In a ridiculously overpriced domestic market that Texel, ASL, Avia Solutions, Mineral Resources and others are already investing in narrow body capacity and capability.
Interesting, if not instructive, how the purported savings (essentially the aggregate discount on fares offered by airlines that can stay in business) and the Bonza losses pretty well line up. Tells you what you need to know about Bonza's pricing strategy.
Last edited by MickG0105; 10th May 2024 at 22:26.
As Mick said in the Castle, "Tell 'em they're dreamin'!
He also mentions, he does not support any government financial assistance for Bonza, scrolling on, it then mentions the government should have bailed out Virgin Australia. 
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?
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?
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Wonder if anyone's asked him about the billions in Government assistance for QF? Or would a response there put his CL membership at risk?
First of the original bonza birds is heading to a new home in Europe this morning.
https://www.flightaware.com/live/flight/VHUIK
Cannot see much point in Bonza continuing, I know a process is being followed but they really need to shut it down and at least give staff a chance to move on.
https://www.flightaware.com/live/flight/VHUIK
Cannot see much point in Bonza continuing, I know a process is being followed but they really need to shut it down and at least give staff a chance to move on.
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He also mentions, he does not support any government financial assistance for Bonza, scrolling on, it then mentions the government should have bailed out Virgin Australia.
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?
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?
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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.
Their sole remaining investment in India (25% in the combined AI/UK group) has been giving them mixed results.
The SQ group is a case example of "stick to what you do well", with outside distractions such as investments always tend to end badly for them financially, having to write off their VA 1.0 investment.
This is a Bonza RIP thread, silly old me, thinking we are talking about domestic ops. In that space, Qantas is the 500lb gorilla staunchly defended by every member of the Chairman’s Club. Looks and feels like the worst of third world corruption.
International is whole different ball game, I agree.
International is whole different ball game, I agree.
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I see they opted to go via Port Hedland, I assume avoiding Darwin and Alice as they are both on the creditor list, behaviour unknown on arrival should one ‘stop by’.
I also note the Gold Coast has barricaded the thing in so much you would think civil unrest is about to unfold. Melbourne Airport have already conceded defeat and has waived its right to payment. Not sure the others will be as accommodating. Often more court dates before they can get released, not uncommon in these events.
I also note the Gold Coast has barricaded the thing in so much you would think civil unrest is about to unfold. Melbourne Airport have already conceded defeat and has waived its right to payment. Not sure the others will be as accommodating. Often more court dates before they can get released, not uncommon in these events.
Last edited by nomess; 11th May 2024 at 07:45.
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Man Bilong Balus long PNG
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I also note the Gold Coast has barricaded the thing in so much you would think civil unrest is about to unfold. Melbourne Airport have already conceded defeat and has waived its right to payment.
Then what?
I'm not a Lawyer, so I have no idea as to whom has rights etc....
However, their conditions should not prevail over the requirements of the Corporations Act 2001 with regards to paying out creditors; simply put, you cannot contract around the law. The airport cannot obtain preferential treatment regarding payment of their debt; they'll be treated as a unsecured creditor and gets cents on the dollar, maybe nothing, just like every other unsecured creditor. If push came to shove, the Aircraft Lessor will get a court order requiring the airport to release the aircraft, and they would likely get a costs order against the airport as well. If the airport persists it will ultimately be a matter for the court.
Man Bilong Balus long PNG
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Location: Looking forward to returning to Japan soon but in the meantime continuing the never ending search for a bad bottle of Red!
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it will ultimately be a matter for the court.
Sometimes I nearly think that Shakespeare got it right! 
(HenryVI. Part 2 Act IV Scene 2)
In clause 9.17.1 it states that the aircraft is detained, "whether or not they were incurred by the person who is the operator of the aircraft at the time...etc". So they have covered that. Bonza may have been the operator at the time, but the detention/lien is against the aircraft. I don't think the court case will be as straight forward. These sorts of actions are to squeeze money out of other parties as they know getting cash from the administrators will be difficult. Any aircraft with a lien against it will be next to impossible to re-register without that cost being met. One of the many downsides to leasing out vehicles. Ie Bonza ran up the bill on your aircraft, they wont pay us, so now you owe us. There's many cases of aircraft with liens against them rotting in the side parks of airports around the world.
I was working in the briefing office at (then) ASSY in December 1991 when Compass Mark I went bust. There had been lots of rumours of its impending demise. The airline's allocated gate (or one of them, if there were multiple; but I think it was only one) was just outside the briefing office's windows. On this day, one of their A300s arrived and parked at the gate. A few minutes later the pilots came in and said words to the effect of, "Well, that's it. That's our last flight. We're out of a job." Within less than 30 minutes, we saw guards stationed around the aircraft to ensure it didn't escape.
At the instant the Administrators were appointed on 30 April 2024 all creditors' claims were put on hold. The Lessor exercised its repossession rights to the aircraft prior to the appointment of the Administrators, so they are not bound by the restrictions placed on other creditors. There were similar lien claims over aircraft made by airports when VA went into administration.