This email was then forwarded by 777 Partners’s Kevin Burgos to Bonza’s chief financial officer Lidia Valenzuela in an attempt to reassure her the aircraft leases had been paid. Multiple sources who spoke to this masthead said the forwarded emails caused distress at the airline.
Two weeks later, Bonza was sent four notice-of-default notices for its leases. Two of them were signed by 777-cofounder Joshua Wander, and the two remaining were signed by AIP Capital general counsel Greg Kahn. Bonza’s lenders then engaged restructuring firm KordaMentha for advice on what to do with Bonza, even though the airline has repeatedly denied this.
Bonza entered voluntary administration and appointed Hall Chadwick as its administrators on April 30 after its four aircraft were seized and all flights were grounded. The airline’s boss Tim Jordan told staff he and 777 Partners had been “surprised” all four aircraft were subject to repossession proceedings.
Hall Chadwick’s lawyers confirmed before the Federal Court on Tuesday the airline’s aircraft are no longer part of the company, and AIP intends to fly them away from Australia.
“We are not presently in a position to assert that the aircraft are part of the administration. We are proceeding on the basis that the rights of termination were validly exercised prior to appointment,” Hutton said.
Loading
Over the weekend, UK asset management firm Leadenhall Capital lodged legal action against 777 Partners in New York and alleged the private equity group borrowed against $US350 million ($529 million) worth of assets it did not own, that did not exist or were promised to someone else.
“If the borrowers did not actually own the assets pledged as collateral or had already pledged those assets to another lender, the entire facility would effectively become an illegal and unsecured piggy bank that an individual like [777-cofounder Joshua] Wander could use to finance risky private equity investments in aviation, media and sports, including professional football teams while paying lower rates under the pretence of secured financing,” said the documents filed by Leadenhall.
“Through these attempted restructuring negotiations, 777 Partners has admitted time and again that it does not control its own operations and ability to perform,” Leadenhall claimed.