The majority of the creditors of the national aviation company has just voted, on 28 September, the end of the voluntary administration of the company, which had lasted for 17 months. A measure that allows to obtain a loan to pay suppliers. Nevertheless, nothing has been announced about the effective resumption of flights.
This meeting was held by audio conference, in the presence of the two directors Sattar Hajee Abdoula, who chaired it, and Arvindsingh Gokhool, both from Grant Thornton. The repayment plan for the different types of creditors was approved by 100% in value and number for categories A and B, and by 99.5% in value and 81.7% in number for class C creditors. According to the directors, the DOCA is the only condition that would enable the company to benefit from loans of up to Rs 12 billion from the government, most of which will be used to pay the 600 creditors, who are divided into three categories: A – aircraft leasing companies; B – hedge counterparties, and C – the general body of creditors. The repayment plan has been agreed as follows: 35% of the amount of the claims to category A, 60% to category B and 50% to category C, payable by October 31. The creditors also had the choice of voting to terminate the administration and return the company with all its existing debts or to place it in liquidation.
