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Air Seychelles, has been officially removed from administration and the company’s board of directors and is now back in charge. This was revealed by Antony Derjacques, the Minister for Transport, Civil Aviation, and Marine. For 13 months, the airline was under administration.
Air Seychelles went into administration in October 2021 due to financial difficulties, stemming from significant debt that was incurred during the tie-up of the airline by Etihad Airways. Etihad previously had a 40 percent shareholding in the company. A petition was filed by the Apex Trustees Bondholders on August 19, 2021, for the winding up of Air Seychelles to recuperate investments. Two administrators were appointed, Suketu Patel and Bernard Pool, to consider the optimum ways of restructuring the company and settling its debts.
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The winding-up petition was withdrawn in May after the airline was able to provide the settlement funds of approximately US $28 million in escrow, out of the US $ 76 million initial debt owed to bondholders. It was part of the airline’s rescue plan between the airline’s administrators and its creditors. The amount of US $28.3 million paid came partly from the company’s own funds, while the Seychelles government lent Air Seychelles a further US $ 13 million to cover the whole cost.
