Mango in business rescue.

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snoopy
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Re: Mango in business rescue.

Unread post by snoopy »

Volo wrote: Mon Aug 08, 2022 4:40 pm As of yesterday the "Air Services Licencing council" has suspended Mango's licences .

The suspension is as per a letter dated August the 3rd., the council suspended Mangos licences " for a period of two years ,effective immediately , as Mango has not operated the licensed air services for an uninterrupted period exceeding 12 months ,
.............................
This council is clearly 'Captured" and they appear to have been instructed to-do this in order to not present an obstacle to SAAs rehabilitation - Mango is being thrown under the bus - what else ?

SAA did not operate for a period exceeding 12 months with no consequences but if I remember correctly the said council was not constituted at that time and now we no why .
Just comes to show what kind of can of worms these state enterprises REALLY are...and they will gladly steal their customer's cash. Fact.

No mention of the above by the BRP as yet. The last ticketing update by the BRP to Mango customers who are owed R183 million (money taken - but no service delivered in return for that cash) was 20 January 2022.

No doubt our cash is pickled , and not just "preserved". But theft is theft..no matter how cleverly you do it. :wink:

https://www.flymango.com/en/business-re ... nd-notices
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Re: Mango in business rescue.

Unread post by snoopy »

This comes after a bidder provided proof that it has the necessary funding to rescue Mango and its administration.
https://www.getaway.co.za/travel-news/c ... come-down/

Air Service Licensing Council, SAA and Mango share a common denominator, who acts in that entity's best served interest. Mango would be a competitor of SAA regurgitated (in the post COVID airline scenario domestically), if Mango was successfully rescued by a bidder. What incentive is there then for the common denominator to keep Mango in play at all? It would be far more incentivized to try and dump Mango and see to it that it never flies again, by any means.

While the tax payers money is still being used to bailout the regurgitated SAA. :idea:
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Re: Mango in business rescue.

Unread post by Volo »

If Takatso become the 51% owners of SAA they then also own Mango . Its a no brainer that they would shut Mango down with its 2.8 billion Rand debt and not have to compete with their regurgitated SAA v2 .
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Re: Mango in business rescue.

Unread post by snoopy »

CH Aviation's take on it...
05.08.2022 - 09:47 UTC
An unnamed consortium bidding to rescue South Africa's stricken state domestic carrier Mango Airlines (JE, Johannesburg O.R. Tambo) has presented "adequate and satisfactory proof of funding in the form of a bank confirmation letter" to the airline's administrator.
https://www.ch-aviation.com/portal/news ... icas-mango

Then, following the above, ASLC pulled Mango's licenses... which means pax (owed R183 million in unflown tickets) wont get their 12 months valid ticket vouchers to fly with the new bidder/owner once they start operating. Unless the licenses are reinstated so that the new prospective owner of Mango can start flying again. And withdrawing Mango's licenses would obviously be a negative incentive for any potential buyer. As Mango airline without licenses to operate isn't really worth much in its present state, compared to the date that the bidder gave adequate and satisfactory proof of funding to the BRP to buy/rescue the airline with licenses in place.

Certainly looks like someone behind the scene wants to make very sure Mango doesn't get into the air again. Now who would benefit most from that?

And I see SAA regurgitated is now at risk of getting their licenses pulled as well now.

What is not so clear, is whether SAA/Takatso (if that buy-in was ever finalized) still owns any part of Mango at all, and if the shares have not all been transferred to the DPE instead (SAA as sole shareholder decided to "divest" from Mango - and how the business owner can just walk away from the company its responsible for during a BR process, I dont know) while Mango was still in the BR process . The DPE has always been the government trustee of both SAA and Mango anyway. But very much a conflict of interest now.

There is way too much being obscured by the state...but now there is an ultimatum on SAA to clarify what's going on.

PS: Where are SAA's audits for the financial years 2018/19, 2019/20, 2020/21 and 2021/22? But its trading and flying as South African Airways SOC (1997/022444/07), funded by more tax payer bailouts?

https://www.flysaa.com/about-us/leading ... al-results
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Re: Mango in business rescue.

Unread post by snoopy »

BRPs response to Mango airline's suspension of license by ASLC - 10 Aug 2022

https://www.flymango.com/upload/Respons ... 8.2022.pdf

If my understanding is correct it will take more than 3 Boeing 737 800s to make Mango viable on the routes it used to fly. There are 2 known 737 airframes left in RSA carrying the Mango branding, fading away in Gauteng.
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Re: Mango in business rescue.

Unread post by Bearcat »

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Re: Mango in business rescue.

Unread post by snoopy »

Bearcat wrote: Tue Sep 06, 2022 8:07 pm Mango News...
https://www.news24.com/fin24/companies/ ... g-20220906
The bidder already delivered proof of funding in August when Mango's licenses were withdrawn by ASLC. But there is not much left of this airline to buy. :wink:
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Re: Mango in business rescue.

Unread post by evanb »

snoopy wrote: Wed Sep 07, 2022 8:46 am
Bearcat wrote: Tue Sep 06, 2022 8:07 pm Mango News...
https://www.news24.com/fin24/companies/ ... g-20220906
The bidder already delivered proof of funding in August when Mango's licenses were withdrawn by ASLC. But there is not much left of this airline to buy. :wink:
Right, what are you getting, a brand and a crapshoot of a balance sheet?
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Re: Mango in business rescue.

Unread post by snoopy »

evan when you ask any ex Mango pilot what is going on with this process - you just get a WTF stare...they also dont know what the hell is going on here :D :wink:
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Re: Mango in business rescue.

Unread post by Volo »

There's a buyer for Mango -how can that be ? there is nothing to buy .
It has
NO License's
NO Aircraft
NO Pilots
NO Customers
NO Routes
NO Money
NO Suppliers
Whats to buy ? there is nothing left and it comes with the Trust aspect depleted . You would be better off putting your money in a new entity . The only conclusion I can come to is that they are playing for time as there are negative consequences for SAA if and when they get liquidated .
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Re: Mango in business rescue.

Unread post by snoopy »

the main shareholder needs to decide if the bidder is acceptable to them....the main shareholder is a owner of SAA. :lol:

If Mango rises up from the ashes its going to take business away from SAA. So what is the huge incentive for the shareholder to approve Mango's buyer and their bid or to do so any time soon. :idea: :?:

Mango also has no more staff. Many of their ex staff still trying to find re-employment.
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Re: Mango in business rescue.

Unread post by Ray W »

I see one of their aircraft was out and about this afternoon on a test flight. ZS-SJD

From Facebook

Ex-Mango B737-800, ZS-SJD, conducted a test-flight out of Joburg yesterday, in advance of the aircraft’s return to lessor. The ferry flight to Budapest will occur in the near future.
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Re: Mango in business rescue.

Unread post by snoopy »

BRP very quiet (16 November 2022)...probably has nothing new to report on...but the BRP invoices are increasing in total cost to company as time passes by.

https://www.flymango.com/en/business-re ... nd-notices
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Re: Mango in business rescue.

Unread post by dollar »

Mango = mossie. As in "so dood soos n mossie".
SA government want it to stay dead, SAA V2.0 need it to stay dead. Competitors would prefer it to stay dead. Joe public hopes it will stay dead.

What's left to reserect? It's old roadkill on the runway to hell 😜
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Re: Mango in business rescue.

Unread post by snoopy »

Ja, yet BRP is still billing for his time though...and what appears to be one status update per month - mostly cut and paste. So I guess they'll stick around till the piggy bank is depleted. Despite successful bidders to buy Mango giving proof of funding in September.

I suppose DPE (same sinking ship, just a different clown on the deck chair) is now the main shareholder (like SAA regurgitated minus Takatso?),

Did the attempt of SAA to separate Mango from SAA ownership fail or did it pass oficially?
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