No leeway, no runway: Indebted Mango to be grounded from 1 May

no leeway no runway indebted mango to be grounded from 1 may

State-owned budget airline Mango could be grounded from next month due to mounting debts.

While things are looking up for South Africa’s national carrier which is expected to take to the skies in August, budget carrier Mango is set to halt operations on 1 May as a result of mounting debts owed to its creditors, according to a document seen by Fin24.

The document states that the boards of Mango Airlines and the newly appointed interim board of parent company,  South African Airways have agreed to ground Mango Airlines until funding has been received from national treasury.  

This step has been taken as Mango is no longer able to delay outstanding payments due to creditors. Fin24 reports that the airline had already been stalling its payments to creditors for the past six months.

WATCH: Panic as Mango flight to Durban loses cabin pressure

The Department of Public Enterprises allocated R 2.7 billion to SAA’s subsidiaries – Mango, SAA Technical and Air Chefs, in October last year, as part of the R10.5 billion rand awarded to parent company South African Airways.

While SAA received its share of the funding allocation earlier this year, no money has been paid over to SAA’s subsidiaries as yet…

Want to know more click here go to source.

From -
Close
Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages

Site Language


Travel Categories

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close