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.

Want More News Like This?

CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More