Mango Airlines cautiously optimistic about taking to the skies

JOHANNESBURG - Business rescue practitioners (BRPs) at Mango Airlines say they are cautiously optimistic the carrier could take to the skies again soon.

The State-owned airline, which last reported a profit in 2018, was grounded in 2021 following a tough financial run.

Its business rescue practitioners are now in the final stages of a deal with investors that could see it in the skies again.

Business rescue practitioner Sipho Sono says it's crunch time for Mango Airlines in a transaction that’s crucial for the company’s recovery.

“We are at a point where we are finalising the transaction with the investor, which will see the ownership of Mango moving from SAA [South African Airways] to a private investor. Unfortunately, I cannot divulge further details.”

He says the BRPs are currently busy with the verification of unflown ticket liabilities.

“We are engaged in a process where customers online, on Mango’s website and register their details so when the time is right for Mango to resume, they will then be issued vouchers to the value of their tickets.”

If the transaction doesn’t go through, customers with unused tickets will then become creditors.

“Unfortunately, they then get treated the same way as creditors who will get anything between 5-10 cents to the rand, so we are trying to avoid that and are trying very hard to get the transaction over the line.”