Air Seychelles is pleased to announce that it has exited Administration as of 08 November 2022 after it has successfully been able to pay off its debts and reached financial stability.
This has been made possible through the collective efforts of the Shareholders (Government of Seychelles), Administrators, the Air Seychelles’ board, management, staff members and legal counsels.
This follows an Air Seychelles creditors meeting on the 25th October 2022, where the Creditors (AS SPV Limited, Nouvobanq and Government of Seychelles) unanimously approved the rescue plan, after which Air Seychelles could be removed from Administration.
Air Seychelles’ business units include cargo and ground handling, domestic flight operations and international flight operations. During the Covid-19 pandemic, Air Seychelles served as a lifeline for the country after foreign carriers stopped flying to the holiday destination. While maintaining ground, cargo and domestic flight operations, the international flying unit was transformed into a charter business, flying a mix of passenger and cargo flights throughout the world.
Acting Chief Executive Officer Mr Sandy Benoiton said: “We are extremely pleased that the Administrators have accepted the management’s business plan and have been able to settle past debts amicably. Going forward, Air Seychelles has been able to chart a path to profitability and sustainably without direct funding from the Government of Seychelles. When looking at the individual business units, ground and cargo operations have recovered to approximately 80% of pre-pandemic levels, and domestic operations are increasing month-on-month as tourists return to the Seychelles in record numbers. For our international flying business, we have transformed the business from solely commercial flights to a mix of commercial flights, charter operations and ACMI, which has worked well to ensure a more balanced mix of risk and profitability. While we have resumed flights to all of our international ports, we will continue to seek out new opportunities as market dynamics develop.”