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Originally Posted by whatnext
So this is interesting but still murky. Who is Flair's senior lender whose affiliate bought 777 Partners' shares?
Bonza’s sister airline cuts 777 Partners, restructures debt
Ayesha de Kretser
Senior reporter
May 2, 2024 – 2.03pm
Canadian low-cost carrier Flair Airlines has moved to quell speculation about its future after its Australian sister airline Bonza entered voluntary administration, saying its backers will take shares owned by 777 Partners.
In an announcement on Thursday, the Canadian airline said “an affiliate of Flair’s largest senior lender is acquiring a portion of the shares owned by 777 Partners and providing new non-binding debt funding”.
We are excited about this strategic evolution and the new financial commitment,” Flair Airlines chief executive Stephen Jones said.
“We are grateful for their support as we chart the course for continued growth.”
Sources said 777 Partners’ stake of about 24 per cent in Flair was written down to close to zero and it had given up board seats accordingly. The identity of Flair’s senior funder and the affiliate are not clear.....
https://www.afr.com/companies/transp...0240502-p5foes |
Flair is done for. I hope they can stick it out for competition sake, but yeah all signs point to a shut down.