28-Feb-2012 12:55 PM

Velvet Sky suspends all services until 05-Mar-2012

Velvet Sky suspended all services between 27-Feb-2012 to 05-Mar-2012, according to reports from the South African Press Agency and Business Day. According to a media announcement, the grounding will allow the company "time to reconstitute its board, balance sheet and realign its short-term strategy. It will also allow the company time to properly resolve disputes with certain suppliers". It was revealed on 25-Feb-2012 the carrier owes USD3.8 million to fuel provider BP Southern.