Sfax-Syphax Airlines: company's bailout plan approved by court | Tunisia News Gazette

Sfax-Syphax Airlines: company’s bailout plan approved by court

The Civil Chamber of the First Instance Court of Sfax 2 adopted the bailout plan of “Syphax Airlines”, facing great difficulties, in order to resume its activities according to this plan elaborated by administrator Nizar Barkia, Court spokesman Mourad Turki told TAP correspondent on Wednesday.

“The court appointed Nizar Barkia as executive supervisor of the rescue plan and was tasked with following the company’s reconciliation operation with its former agents, reserving some of the financial revenue for the first year of resumption of operations to resolve its debts and settle the issue of unused notes by returning the amounts or replacing the notes for the benefit of customers, “he added.

The administrator was also instructed to register the company with the World Air Navigation Organisation to operate the air corridors and to oversee the settlement of debts to foreigners by transferring amounts on behalf of one Liquidator based in France on a repayment schedule. Interest was not subtracted from the amounts to be reimbursed due to the creditors’ refusal.

The total amount of debts is estimated at 128 million dinars. They will be repaid over periods of 7, 10 and 15 years.

Concerning foreign chartered aircraft, Turki said they are still stationed in Spain pending the completion of inspection operations and administrative procedures for their repatriation in October, the expected date of resumption of Syphax Airlines activities.

Source: TAP News Agency

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