Update on the Administrators Activities

The Administrators refer to earlier releases wherein it was advised that the Lessors of the aircraft issued termination notices on 29 April 2024 at 11.51pm AEST which immediately grounded the Company’s fleet of aircraft.

The Administrators have been in discussions with the Lessors of the aircraft in order to determine whether the grounded aircraft could become operational in the short term.

The Administrators have regretfully been advised that the Lessors will continue to enforce their rights under the termination notices and‚ subject to their own requirements and arrangements‚ seek to reposition the fleet elsewhere.

This is a difficult situation‚ and the Administrators recognise the significant impact on all stakeholders including the Company’s employees and customers.

Notwithstanding this‚ the Administrators are reviewing all available options to allow the resumption of the Company’s operations. They will continue in their efforts through various discussions with interested parties‚ potential investors‚ and other airlines.

The Administrators expect that a additional time will be required in order facilitate and finalise‚ if possible‚ these arrangements.

As such‚ flights from 8 May 2024 up to and including 14 May 2024 will be cancelled. Customers with bookings during this period are advised not to travel to the airport unless they have alternative travel arrangements.

The Administrators must also extend the stand down of the Company’s staff during this period.

Creditors Meeting

The Administrators have convened the initial meeting of creditors for 10 May 2024 in accordance with section 436E the Corporations Act 2001 (Cth).

Given the large number of creditors‚ approximately 58‚000 in number (including passenger bookings)‚ the Administrators have filed an application in the Federal Court of Australia in relation to the conduct of the creditors meeting. The Administrators have brought this application to‚ amongst other things‚ minimise costs incurred in convening the meeting.

Creditors will be advised of the outcome of the Administrators’ application and any further information required pertaining to the meeting.

Administrators’ prior involvement

The Administrators have made a Declaration of Independence‚ Relevant Relationships and Indemnities (DIRRI)‚ which was lodged with the Australian Securities and Investments Commission and was circulated to creditors on 3 May 2024.

The Administrators disclosed prior involvement with the Company in the DIRRI. They were introduced to an advisor of the Company on 9 November 2023. This introduction was in relation to a potential engagement involving a review of the Company’s financial position and an investment and/or acquisition for the Company – not an insolvency and restructuring engagement.

The engagement was never entered into.

The Administrators were contacted on 30 April 2024 in relation to the appointment of the Administrators to the Company. The Administrators met the directors of the Company for the first time at a meeting on 30 April 2024.

Support for Customers

As previously advised the Administrators have established a dedicated phone line for all customer enquiries.

That number is 03 8678 1600 and is available 7am to 10pm AEST.

Refunds

The Administrators confirm that they are not in a position to process or issue refunds on behalf of the Company at this time.

Customers who have had their flights cancelled should contact their financial institution to discuss available options.

Customers may also wish to liaise with any insurance providers‚ in the event they have travel insurance for the bookings

Email contacts for each class of stakeholder

We will continue to provide these email addresses so all stakeholders can contact the Administrators office.

• bonzaemployees@hallchadwick.com.au
• bonzacreditors@hallchadwick.com.au
• bonzasuppliers@hallchadwick.com.au
• bonzalessors@hallchadwick.com.au
• bonzacustomers@hallchadwick.com.au