Bonza has planes repossessed, cancels flights, AFR says

Budget Australian airline Bonza, owned by 777 Partners, had its fleet repossessed by creditors and cancelled flights on Tuesday, the Australian Financial Review reported.

The airline’s Boeing Co. Max aircraft were initially purchased by 777 Partners, but the venture capital firm’s creditors this month formed a new entity to take over planes linked to 777 Partners, the newspaper said.

The carrier last week denied a newspaper report that it had appointed KordaMentha, best known as a restructuring specialist for financially stressed companies, as a financial advisor.

Miami-based 777 Partners had previously laid out plans to build a global airline portfolio to add to a sprawl of sports and aviation assets. The firm agreed to buy UK football club Everton last year, but recently asked for more time to complete the takeover.

 Bonza and 777 Partners didn’t reply to voicemails and emails seeking comment on the AFR report.