Air Vanuatu was declared to be officially out of liquidation on October 11, 2024.
The reorganized flag carrier resume operating some domestic flights in August 2024.
However the reborn airline has not yet committed to a schedule for restarting its international flights especially to Australia and New Zealand.
The company was able to avoid liquidation due to an injection of funds by the Government of Vanuatu.
The company issued this statement:
Air Vanuatu entered liquidation on 9 May 2024 and Morgan Kelly, Andrew Hanson, and Justin Walsh of EY were appointed as Liquidators (“the Liquidators”), pursuant to a special resolution of shareholders of the Company made on 2 May 2024.
On 2 October 2024, the Supreme Court of the Republic of Vanuatu (“Supreme Court”) granted orders to terminate the liquidation of the Company (subject to certain conditions being satisfied). The Liquidators confirm the following to satisfy these conditions:
- the Compromise Fund Account (as required under the deed of compromise dated 3 September 2024) (“DOC”) has been established;
- AV3 Limited (“AV3”) has paid the first tranche of the Contribution Sum in the amount of USD1,100,000 in accordance with the DOC; and
- the shares in the Company have been transferred to AV3 in accordance with the Supreme Court’s Orders.
Pursuant to the Supreme Court’s Orders, the liquidation of the Company is terminated with effect on and from the date that is two business days after the date the shares in the Company have been transferred to AV3. This means that the liquidation of the Company was terminated at the close of business, 11 October 2024.
Control of the affairs and operations of the Company have now reverted from the Liquidators back to the Company’s directors and management team. The Liquidators are taking formal steps to cease their appointment and assume their role as Compromise Administrators, in accordance with the Supreme Court’s Orders.
The Compromise Administrators will shortly issue correspondence to all creditors regarding the process for creditors to submit claims and participate in the Creditor Compromise. Any questions or enquiries from creditors regarding the Creditors Compromise should be directed to creditors.airvanuatu@au.ey.com.
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