Australian airline Bonza grounds more flights as rescue talks drag

Reuters05-07

By Alasdair Pal

SYDNEY, May 7 (Reuters) - Stricken Australian budget airline Bonza grounded its flights for a further week on Tuesday, with the company's administrators saying talks with creditors will begin later this week.

The airline entered voluntary administration last month, cancelling flights after its aircraft leasing partner terminated its relationship with the firm.

A statement by Bonza and company administrators Hall Chadwick said talks with the unnamed leasing partner about restarting the relationship had failed to reach a result.

"This is a difficult situation, and the administrators recognise the significant impact on all stakeholders including the company's employees and customers," it said.

Flight cancellations would be extended to May 14, the statement said, adding company staff would be on furlough for the period.

The collapse comes 15 months after Bonza launched its services with the backing of U.S. investment firm 777 Partners in a market dominated by Qantas and Virgin Australia, which together control about 90% of Australia's airline market.

(Reporting by Alasdair Pal in Sydney; Editing by Jacqueline Wong)

((Alasdair.Pal@thomsonreuters.com; +61 291 717 228; Reuters Messaging: alasdair.pal.reuters.com@reuters.net))

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