Grounded Air Vanuatu eyes potential investors for revival | Airlines

The liquidators acting on behalf of grounded South Pacific carrier Air Vanuatu have announced that several entities have expressed an interest in taking over the carrier. Air Vanuatu grounded its fleet and canceled all future flights on May 9, 2024, appointing consultancy firm EY as its liquidators.  

The airline’s suspension of services left thousands of tourists from Australia and New Zealand to the South Pacific island stranded and needing to seek alternative travel arrangements from other airlines in the region.    

“We have received interest from a range of parties seeking to resume Air Vanuatu’s operations,” says Morgan Kelly, Partner in Strategy & Transactions at EY. “We’re reviewing these offers and will be working toward a resolution as soon as possible.” 

These latest comments from EY follow a previous statement made on May 31, 2024, in which the firm said the airline needed to be restructured and its operations reassessed to reduce operating costs. EY said that the restructuring could potentially impact 170 roles at the carrier.  

At the time of the grounding, the airline had employed 441 people, which EY has said “was a high number of staff for an operation of the company’s size and nature”. It also said there were more than 4,000…

Source www.aerotime.aero

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