Bonza given two-month extension to find a buyer

bonza

Administrators for Bonza have been given a two-month extension to save the failed airline.

Administrators Hall Chadwick are scrambling to find a buyer for the airline which has debts of about $110 million, with its licence probably the most valuable asset.

The more than 300 employees who have been stood down since April say they cannot accept other jobs without risking their entitlements.

Administrators say employees and other creditors will be better off if the company avoids going into liquidation.

“In the event that the company is put into liquidation, advances will be made that will cover some but not all of the employee entitlements,” Barrister James Hutton SC, representing administrators Hall Chadwick, told the court.