SUNDAIR: Creditors approve restructuring plan
The creditors of the German airline SUNDAIR GmbH overwhelmingly approved the restructuring plan for the company at their meeting today. This means that the reorganization of the airline is close to its successful closure - after a record-breaking six months!
SUNDAIR had started a so-called protective shield procedure at the end of October last year to overcome the consequences of the Corona crisis while continuing flight operations. The management used the procedure to prepare all necessary steps for the financial and operational reorganization of the company. Among other things, the SUNDAIR fleet was restructured and agreements with the lessors were adjusted. The summer flight schedule is already in place, and the first important connections have started operations.
„SUNDAIR emerges from the proceedings as a reorganized and profitable company“, emphasized SUNDAIR CEO Marcos Rossello, after today's creditors' meeting. „Thanks for this are due especially to the employees, who have stood by the company with full commitment throughout the entire period.“
„Today's approval shows the great confidence that the creditors have in the management's restructuring course“, added restructuring expert Thomas Mulansky of Mulansky + Kollegen, which is supporting SUNDAIR's reorganization. „Following today's confirmation of the restructuring plan by the District Court of Stralsund, the foundation has been laid for a successful future for Sundair“, added Dr. Robert Tobias of restructuring consultancy Restrukturierungspartner, who is assisting the company with its restructuring together with Mulansky. The lifting of the self-administration procedure is expected before the end of April. The airline will then have completed the protective shield restructuring in the record-breaking short time of six months.
„Today's decision by the creditors is an impressive vote of confidence in the reorganization plan and the management“, also emphasized trustee Prof. Dr. Lucas F. Flöther, name partner of Flöther & Wissing. „SUNDAIR thus receives a strong tailwind for the upcoming new start with the beginning of the vacation season.“
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. It 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.
Further information canbe found online at: www.sundair.com