Air Serbia boosts Tivat operations

GLOBAL AVIATION NEWS

SAA sold

South Africa agreed to sell a majority stake in the country’s grounded national carrier to a local jet-leasing company and private-equity firm, ridding the government of an entity that has long been a drain on state finances. A consortium comprised of Johannesburg-based Global Airways, which owns recently launched domestic airline Lift, and private-equity firm Harith General Partners will take a 51% shareholding in South African Airways (SAA), Public Enterprises Minister Pravin Gordhan said. The government will retain a minority stake. The grouping named Takatso will invest as much as 3.5 billion rand ($258 million) over the next three years, Lift co-founder, Gidon Novick, and Harith Chief Executive Officer, Tshepo Mahloele, said in an interview. “Government will have no further financial obligations to the company, outside of the existing liabilities that they will settle”, Novick said. He added, “Route networks we are still working on, and it will be a phased roll-out based on demand re-emerging post Covid”. The sale of SAA comes about six weeks after the airline emerged from lengthy bankruptcy proceedings, having reduced its workforce by almost 80% and cut liabilities to about 2.6 billion rand. The next challenge is to resume international flights, though South Africa remains cut off from much of the world due to pandemic travel restrictions. A longer-term goal is to list the carrier on a stock exchange, Gordhan said. In the meantime, the government will retain special voting rights to ensure the airline remains in the country, among other national priorities. The deal represents a triumph of sorts for Gordhan, who has argued for the revival of SAA with the help of private investors while others were calling for it to be liquidated. While SAA is now “solvent and liquid,” business-rescue practitioners said when handing over the aircraft, subsidiaries including low cost arm Mango and maintenance firm SAA Technical remain under financial strain and are in the process of being recapitalized. The Department of Public Enterprises and the new consortium will together assess the future of the divisions as part of the due diliegence process, Gordhan said.
Source: Bloomberg

Air Serbia boosts Tivat operations

NEWS FLASH

Air Serbia has announced it will introduce three additional return flights between Belgrade and Tivat in the coming week due to increased demand. In addition, the number of existing flights will see added capacity and will be operated by larger aircraft. Overall, the number of available seats will increase to around 5.000 per week, up 33%. Air Serbia’s General Manager for Commercial and Strategy, Jiri Marek, said, “We are very satisfied with the increased interest in flights to the Montenegrin coast. We believe that passengers want to take advantage of the nice weather during September, and we are happy that we have the opportunity to make it possible for them”. Air Serbia restored operations to Montenegro on August 19 following a five-month suspension due to the coronavirus pandemic.

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Anonymous10:56
nice
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Anonymous11:59
One more boosting! Nice.

I also saw that in October Air Serbia increased FRA to 4 pw
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Anonymous16:07
I'm surprised YM has not responded.
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Anonymous22:28
Basically, JU needs MNE.
35% of its network relies on TGD and TIV
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Anonymous09:57
I am not surprised, charter demand in September seems to be stronger than in August. Today alone there are 10 charter flights from Belgrade.
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Air Serbia boosts Tivat operations

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