Mango in business rescue.

[Volo]

You only have to read the opening line of the judgement quoted below when the speak of AIRFOILS instead of Aircraft to realise that the court is out of its depth when it comes to Aviation matters :-

HIGH COURT OF SOUTH AFRICA GAUTENG DIVISION, PRETORIA 6/9/2023 Court Judgement
Mango vs Minister of Public Enterprises Judgement
Case No: 010700/2023

https://flymango.africa/wp/wp-content/u ... prises.pdf

.INTRODUCTION
[1] This case involves Mango Airlines SOC Limited (Mango Airlines) whose airfoils
have been grounded due to dire financial constraints experienced by the airline.
The airline has been grounded for almost two years.......................................................

.........................................................

This case is a bit like" Spy verses Spy" . Various government department using the courts to obscure the realities and truth behind the whole SAGA simply because it is not going to cost any one individual a cent - only the poor beleagured tax payer like you and me are going to pay for these court shenanigans and the final inevitable demise of MANGO.

[snoopy]

More than 2 years later...and still in BR.

LITIGATION SUMMARY

The section 54(2) application:
The application for leave to appeal has been set down for hearing on 28 November 2023.

On 20 October 2023, Mango and the BRP issued an application in terms of section 18(3) of the
Superior Courts Act 10 of 2013 ("the s18(3) application") wherein they seek an order inter alia
that the operation and execution of the judgment and order in the section 54(2) application remains
(the decision) in full force and effect and is not suspended pending the decision of any applications
for leave to appeal and/or the appeal brought by the Minister of Public Enterprises and Minister of
Finance against the decision.

It is intended that the section 18(3) application will be heard together
with the application for leave to appeal on 28 November 2023....

....CONCLUSION
The BRP remains of the opinion that there is a reasonable prospect of rescuing the Company, or
that the BR Proceedings would result in a better outcome for creditors and the shareholder of the
Company than would otherwise be achieved should the Company be placed in liquidation.
__________________
Sipho Sono, Business Rescue Practitioner

https://flymango.africa/wp/wp-content/u ... 2023-1.pdf

[cage]

More than 2 years later...and still in BR.

How do you rescue an entity that exists on paper only and hasn't traded for 2 years?

[Volo]

And half their spare parts already crated and shipped to Dubai !!!

[snoopy]

More than 2 years later...and still in BR.

How do you rescue an entity that exists on paper only and hasn't traded for 2 years?

Only the BR knows, its time for their next paycheck...from any funds that did exist, including the passenger's cash in unflown tickets of R183 million.

Who knows what the BRP costs every month?

All it has left to sell is Brand value. But given how they treated their pax when they went into BR, there's probably not much of that left either.

[snoopy]

MANGO AIRLINES SOC LIMITED (in business rescue)
Registration Number 2006/018129/30
31 January 2024

3. INVESTOR PROCESS
The BRP is pleased to announce that he is now entitled to assume that the section 54(2) application has been approved by operation of section 54(3) of the Public Finance Management Act 1 of 1999 (“PFMA”) (see details below). Accordingly, the BRP will now proceed with the Investor Process, the effect of which will be the outright sale of Mango to the successful bidder identified by the BRP in August 2022

The BRP remains of the opinion that there is a reasonable prospect of rescuing the Company, or that the BR Proceedings would result in a better outcome for creditors and the shareholder of the Company than would otherwise be achieved should the Company be placed in liquidation.

SIPHO SONO
Business Rescue Practitioner

https://flymango.africa/wp/wp-content/u ... y-2024.pdf

[marius scheepers]

MANGO AIRLINES SOC LIMITED (in business rescue)
Registration Number 2006/018129/30
31 January 2024

3. INVESTOR PROCESS
The BRP is pleased to announce that he is now entitled to assume that the section 54(2) application has been approved by operation of section 54(3) of the Public Finance Management Act 1 of 1999 (“PFMA”) (see details below). Accordingly, the BRP will now proceed with the Investor Process, the effect of which will be the outright sale of Mango to the successful bidder identified by the BRP in August 2022

The BRP remains of the opinion that there is a reasonable prospect of rescuing the Company, or that the BR Proceedings would result in a better outcome for creditors and the shareholder of the Company than would otherwise be achieved should the Company be placed in liquidation.

SIPHO SONO
Business Rescue Practitioner

https://flymango.africa/wp/wp-content/u ... y-2024.pdf

Ahh Snoopy your ticket money hard at work!

[Airplaneguy9]

The BRP remains of the opinion that there is a reasonable prospect of rescuing the Company, or that the BR Proceedings would result in a better outcome for creditors and the shareholder of the Company than would otherwise be achieved should the Company be placed in liquidation.

SIPHO SONO
Business Rescue Practitioner

There is no way this company is still somehow alive. Did we accidentally discover necromancy?

[snoopy]

He cuts and pastes, that in every notice...but there is f-all left to sell, and their BRP fees and the SAA financial link no doubt swallowed up all our (as paying pax who never got to fly the flights we paid for) cash, all ZAR 183 million of it. While the money was supposedly reserved, but they never exposed ; reserved for who's benefit.

I still want to see who is going to buy this (which is now nothing more than a brand and logo, with a really bad reputation), and for what ,and why.

A clever and drawn out way for government to steal cash of paying customers. Not that, that is a new hat trick. Time to frame and wall mount our Mango vouchers as reminder of the regime's indebtedness to us. Mango SOC (the SA government) is still a bad debtor in my books.

And because SAA and Mango's financials were linked, I still believe they applied the real cash (of Mango pax) to relaunch SAA regurgitated at the expense of those to whom they owed the cash. Because the government had zero operational expense on Mango flights that were never flown. The only people who that cost money were the pax who booked tickets in advance, on Mango flights that were never flown.

By the end of 2025, SAA expects to have 14 A320s

Pray tell where that money is going to come from.

“My duty as the executive authority is to safeguard the interests of South Africans. At no point will I abandon my fiduciary responsibility to ensure that any decision that is taken regarding the future of Mango is consistent with the prescripts of the law and is in the best interest of the public.

-Pravin Gordhan September 2023

Clearly his duty is actually to safeguard the survival of the state's interest ; and not the interest of SA citizens.

[Volo]

The level of duplicity and lies continues . I have personally witnessed Mango 737 parts being crated and shipped off to Dubai -so what's left to sell .
Those parts are probably hanging off some Russian 737 by now.

[snoopy]

And who is authorizing those sales while the company is in BR? Pravin or the BRP and the creditors?

Then into who's bank account is the money going for those sales while the company is still in BR. SAA? Pravin's department account, or a bank account setup by the BRP? Independent of any state account? To primarily fund the BRPs invoicing, who in a waterfall liquidation will be paid out first from any remaining funds.

Has SAA officially and legally relinquished its ownership of Mango SOC and all its financial obligations? OR is SAA's owner (the SA government) still actually the sole owner of Mango SOC Ltd. Because to me it appears that Pravin is still calling the shots on Mango's future demise.

Pravin has no incentive to rescue Mango anyway ,not if he plans to lease or buy 14 x A320s for regional routes for SAA by 2025. Only the liquidation of Mango is in the state's interest so as not to be future competition for SAA regionally.

What's in the SA public's best interest is a very different thing.

Fiduciary responsibility in the best interest of the public? Or delinquent and delusional? The devil is in the details (and the loopholes), despite all the careful accounting tip toeing going on.

[MadMacs]

https://web.facebook.com/groups/4941996 ... 894368401/

[snoopy]

Yup that's what he was saying in the BRP notice. Not sure what the preferred buyer is actually buying other than a company name, branding and debt.

Its been properly gutted for an extensive period..

[GL]

Anybody know if these aircraft are still in Tarbes France? and the status of the rest of the a/c?

[Whirly]

Anybody know if these aircraft are still in Tarbes France? and the status of the rest of the a/c?

I will ask my Saffer friend that works at the airport.

Whirly.