A restructure by Ernst and Young has been approved today, which will see Air Vanuatu return to the skies.
The flag carrier is set to hit the skies again, after courts approved an EY-led restructure today, transferring the company’s shares to AV3 Ltd and terminating the liquidation.
Control of Air Vanuatu will be handed back to management.
“We’re very pleased the Supreme Court of Vanuatu ratified the Deed of Compromise. The implementation of the Deed of Compromise maximises the return to creditors and presents an opportunity for the Air Vanuatu business to continue, saving jobs and providing vital aviation services for Vanuatu,” said Liquidator Morgan Kelly, Partner in Strategy & Transactions at Ernst & Young Australia.
“We would like to thank the Vanuatu Government and the Civil Aviation Authority Vanuatu for their ongoing support during this process. Their collaboration and assistance have been instrumental in reaching this positive outcome.”
The carrier entered voluntary administration in May this year, cancelling all flights to Australia. However, it returned to the skies in August, launching a limited scheduled domestic charter operation.
More details in tomorrow’s issue of Travel Daily.