Fly Blue Crane enters into Business Rescue

Fly Blue Crane has been in talks with an undisclosed Gulf carrier over the possible sale of up to 25% equity. The transaction has, however, been hampered by the terms of a ZAR30 million bridging finance loan secured from the state-run Industrial Development Corporation (IDC) which requires Fly Blue Crane not to negatively impact South Africa's state-owned carriers, namely South African Airways, Mango Airlines and South African Express.

As such, for the duration of Business Rescue, the carrier will re-organise and restructure its operations while continuing talks with prospective investors.