Budget airline owned by Everton suitor, 777 Partners, enters voluntary administration
Further doubts have emerged over US-based 777 Partners’ ability to fund a takeover of Premiership club Everton FC after its Australian budget airline, Bonza, entered voluntary administration on Tuesday (April 30).
It followed the repossession of its entire fleet of Boeing 737 Max 8 aircraft, leaving passengers at several airports stranded.
Bonza, based in Queensland’s Sunshine Coast, launched in 2021.
The company’s management has now appointed Hall Chadwick to handle the administration of its operating and holding company.
Bonza chief executive, Tim Jordan, said: “Discussions are currently under way regarding the ongoing viability of the business.
“We apologise to our customers who are impacted by this and we’re working as quickly as possible to determine a way forward that ensures there is ongoing competition in the Australian domestic aviation market.”
777 Partners also owns the Canadian budget carrier Flair, and leased its aircraft assets between the airlines.
It transpires that 777’s aircraft were majority owned by AIP Capital in a 51%-49% split through holding company Phoenix Aviation Capital.
AIP has repossessed all the aircraft which, in an internal note to staff, Tim Jordan had admitted had come as a “surprise” to both Bonza and 777.
It has previously been reported that 777 is involved in UK court cases for almost £24m in unpaid aircraft leasing fees and damages.
The private equity firm was named as the preferred bidder for Everton FC last September by its 94% majority owner, Farhad Moshiri.
Football and financial regulatory bodies have been considering the Miami-based PE firm’s suitability as a “fit and proper owner” since then, an unprecedented period for due diligence to be undertaken.
