SUNDAIR airline on course for turnaround
The restructuring of the German airline SUNDAIR GmbH is making progress: Today, the Local Court of Stralsund confirmed the self-administration also for the opened protective shield procedures. The reorganization prepared under the "protective shield" can be implemented independently as planned.
„The court's decision is an important vote of confidence in the management and its restructuring course,” emphasized restructuring expert Thomas Mulansky of the law firm Mulansky + Kollegen, who is assisting the company with its reorganization. The opening of the proceedings now enables the implementation of the reorganization prepared under the protective shield. The management remains in office and manages the reorganization itself (self-administration).
„This is only granted if the court is convinced by the management's concept and the creditors are not disadvantaged as a result. Both is the case here”, added Dr. Robert Tobias of Restrukturierungspartner, who are supporting the reorganization. The wages and salaries of the approximately 240 employees will be paid again by SUNDAIR GmbH with immediate effect. The local court appointed Prof. Dr. Lucas F. Flöther, who already supervised the reorganization, as provisional administrator.
The management has used the protective shield proceedings to prepare all the necessary steps for the financial and operational reorganization of the company. „We have been able to reach an agreement with all lessors and reorganize our fleet”, emphasized SUNDAIR Managing Director Marcos Rossello. „We are currently adding three new A319s to our fleet and part with two A320s and two A319s. As a result, the fleet will consist of 6 aircraft in the future.” At the same time, constructive discussions have been held with creditors on a recovery plan. A draft plan has been agreed and will soon to be submitted to court and creditors.
SUNDAIR is a young and independent airline founded in 2016 with headquarters in Stralsund and bases at Kassel Airport, Berlin, Dresden and Bremen. SUNDAIR serves the most beautiful destinations in the Mediterranean, the Red Sea and the Canary Islands. The airline flies mainly for tour operators, especially schauinsland-reisen, but also for other well-known German operators. SUNDAIR also operates a scheduled service to Beirut. Part of its revenue is generated from special and charter flights. These include group organizer full charter flights and wet lease-outs, as well as ad hoc charter flights, e.g. for soccer clubs or orchestras. The company currently employs around 240 people. About 160 employees belong to the „flying staff” (pilots, cabin crew). Approximately 80 employees work on the ground in engineering, administration or accounting.