Extension of watershed meeting
AIR MAURITIUS - ADMINISTRATOR APPOINTED
MESSAGE FROM ADMINISTRATORS
08 June 2021
Dear Team Members,
We hereby wish to inform you that the June 2021 Watershed meeting has been postponed. Further to a ruling by the Supreme Court, the meeting has been rescheduled to take place by latest 31st of January 2022. The deadline under section 225(4) of the Insolvency Act has accordingly been extended.
Both Air Mauritius and Airmate have been under voluntary administration for more than a year. We fully understand your concerns, all the more so, as the administration process has had a significant impact on your life as well as on that of those close to you.
We are presently involved, in this climate of uncertainty, in very sensitive discussions in relation to the funding and further restructuring of the Company. Whilst we are determined to complete the administration as soon as possible, this postponement is to allow sufficient time to investors to take the right decision as to the best strategy to pursue for Company given the current economic and sanitary conditions and also taking into account the strategic importance of the Company for the country.
Our final proposals will depend heavily on the financial support that funders are likely to consider. Discussions are ongoing and we hope this process will be completed shortly for the Watershed meeting to be held ahead of the 31st of January 2022 deadline.
With your support and understanding over the past year, we have been able to implement several measures which have resulted in annual savings amounting to more than Rs 1.75 billion. However, these savings are not sufficient enough to get Air Mauritius out of administration. We continue, therefore, to be involved in complex daily operations to keep the Company afloat during the administration and to liberate cash in order to meet financial commitments as and when they fall due. This is to ensure that all required flights are maintained to support the country’s economic activities and to address any humanitarian considerations.
On the whole, there remains uncertainty generally for the aviation industry and more so for an airline such as Air Mauritius which is dependent on international passenger air travel.
In our role as administrators, we shall continue to work relentlessly to ensure that the Watershed meeting is held at the earliest for the good of the company and its stakeholders.
Sattar Hajee Abdoula, FCA
Arvindsingh K. Gokhool, FCCA
This Communique is issued pursuant to Listing Rule 11.3 and the Securities Act 2005