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Fly Blue Crane enters into Business Rescue

Posted 29 November 2016 · Add Comment

South Africa's Fly Blue Crane has entered into Business Rescue, the South African equivalent of US Chapter 11 bankruptcy protection, reports ch-aviation.

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.

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