Air Seychelles to lay off 11 pilots
11.06.2021 – 20:29 UTC
Air Seychelles (HM, Mahé) will lay off 11 pilots, citing the financial impact of the COVID-19 pandemic, the reduction of flights and the continued closure of markets on the airline’s network.
“Based on the expected recovery scenarios, Air Seychelles unfortunately had to assess its workforce plan within the turboprop and jet pilot community,” the airline said in a statement. The common carrier’s fleet consists of five DHC-6-400s and two A320-200Ns. In January, Seychellois President Wavel Ramkalawan put forward the possibility of converting Air Seychelles into a national company which would require the return of the two A320neos.
“In accordance with the legal framework for employment and following meetings and several consultations held with the employees concerned, Air Seychelles will send the list of the 11 pilots concerned to the Ministry of Employment and Social Affairs by the end of this week to launch the official dismissal process, ”he said.
“Given the unprecedented employment environment, the airline also offers various employment opportunities currently available within the organization to relevant colleagues as an alternative, in addition to …
Air Seychelles draws $ 20million line in the sand for Etihad
10.05.2021 – 05:01 UTC
Air Seychelles (HM, Mahé) cannot pay more than $ 20 million of the $ 71.5 million it still owes Etihad Aviation Group bondholders, reiterated Patrick Payet, Secretary of State to Seychelles Finances in an interview with Reuters, although creditors have threatened to liquidate the now fully state-owned airline if the debt is not fully paid.
A creditors committee of EA Partners, a special purpose vehicle that is part of parent company Etihad Airways (EY, Abu Dhabi Int’l), last month asked the Seychelles carrier to repay its debt, warning in a regulatory filing : Air Seychelles non-compliant, […] the creditor will apply to the Supreme Court of Seychelles for an order for the liquidation of Air Seychelles.
The committee has since confirmed to the news agency that it rejected the $ 20 million offer, although it initially grants the archipelago nation’s government a “grace period” to finalize. a separate settlement with Etihad Airways before filing a petition for liquidation. As previously reported, Seychelles has reached an agreement with …
Air Seychelles will be 100% Seychellois in the Etihad deal
03.05.2021 – 02:31 UTC
Seychelles will become fully owned by their national airline, after reaching an agreement with Etihad Airways (EY, Abu Dhabi Int’l) in which the UAE airline will sell at a substantial price the 40% stake. in Air Seychelles (HM, Mahé) which it has held since 2012, the Seychelles news agency reported.
After lengthy talks, Seychelles received a 79% discount on the total debts Air Seychelles owed to Etihad, Patrick Payet, Secretary of State for Finance, Trade and Investment of the nation of archipelago, revealed at a press conference on April 29.
The Seychelles airline owed Etihad Aviation Group $ 72.3 million, but with the depreciation Seychelles will only pay $ 11.34 million. However, in addition to this debt, a total of $ 71.5 million is still owed to the group’s bondholders, who have so far refused to agree to drastically revised terms.
“We will only pay 21% and this responsibility has been taken over by the government. The repayment will start from 2022. The second negotiation we have is with the bondholders, where we …
Air Seychelles initiates voluntary layoffs to ease finances
01.03.2021 – 09:13 UTC
Air Seychelles (HM, Mahé) has launched a voluntary layoff plan, primarily targeting employees aged 55 and over, as it reassesses its workforce to better support the long-term debt carrier’s operations, Seychelles News reported. Agency.
Staff under the age of 55 are also welcome to come forward, the company said.
Air Seychelles’ debt crisis has been the subject of much discussion in the executive and legislative branches of government in recent months. As previously reported, the Indian Ocean Archipelago Nation’s Finance Minister Naadir Hassan revealed in his February 16 budget speech that the company currently owes more than $ 152.8 million.
Staff members now have two weeks to request a voluntary departure by submitting a letter of application to their respective department.
They will receive as part of the exit package three months of base salary based on their February salary, one full month of salary, seniority compensation, annual leave compensation accrued for 2021, and an additional ticket unlimited for the staff member and immediate family for …