Airline service: Air Seychelles company threatened with liquidation

Already notified by its bondholders last month of the need to find a solution to the $ 71 million owed by the company, the Creditors Committee, representing bondholders, said a petition “Was filed on August 19 for the liquidation of Air Seychelles and on August 24 this petition was served and acknowledged by Air Seychelles”.

If the same committee declares that it was ready to achieve “A fair and equitable resolution to the airline’s debt problems”, he adds “That to date, there has been no substantive commitment, nor any sense of urgency regarding the airline’s situation, neither from Air Seychelles nor from its shareholder, the government of Seychelles”.
From this observation results the process launched ten days ago, aiming to file a petition for liquidation of the company in order to proceed with the recovery of debts.

The takeover of the company by the government in April 2021 will therefore not have saved the company, despite the very advantageous price offered by Etihad Airways, an airline based in the United Arab Emirates, and its 40% stake in the era. This organization dated back to 2012, when Etihad Airways had entered into a partnership by buying 40% of the shares of the company Air Seychelles.

The President of Seychelles, Wavel Ramkalawan, declared his commitment to save the national airline, an announcement heard by the Creditors Committee which said it was ready to work in concert with the institutions in this direction, on the condition that the rights creditors and their position in the capital structure are respected.

Damien CHAILLOT

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