The Joint Provisional Liquidators of SA Express Airways will issue an ‘Expression of Interest’ notice to test the market’s appetite for equity partners or a buyer of the airline or part or all of its assets.
SA Express has floundered in recent years, with allegations of mismanagement and corruption making headlines. However Covid-19 has been the final nail in the coffin.
GoIndustry DoveBid, a global asset disposal consultancy firm with experience and expertise within the aviation sector, has been mandated by the liquidators to lead and manage the Expression of Interest sales process. “In terms of the Provisional Liquidation order we have a short period to gauge the interest of the marketplace and check validity of expressed interest submission. This will then be presented to the liquidators, who will review and determine the best way forward and the best outcome for SA Express employees, creditors and shareholders.
“There are however some provisos. Would-be investors or buyers must be able to operate in the South African environment must be able to be financially sustainable and outline their employment strategy and transformation within the aviation industry. As a result, we are working to manage the process in the most transparent way and in an accelerated process to ensure that all technical and operational licences can be preserved,” says John Taylor from GoIndustry Dovebid who is leading this process.
The assets of the company include:
- Eight Bombardier CRJ200 jets
- Engines and spare parts
- GSE, specialised tooling, workshop and support equipment
- Licences (operating, AMO, ATNS, Icasa etc), IT infrastructure and other intangible assets required to operate an airline in South Africa