Air Vanuatu’s control will be handed over to management after the Supreme Court of Vanuatu ratified the Deed of Compromise approving an Ernst & Young restructure.
“The implementation of the Deed of Compromise maximises the return to creditors and presents an opportunity for the Air Vanuatu business to continue, saving jobs and providing vital aviation services for Vanuatu”, said Morgan Kelly, Partner in strategy & Transactions at Ernst & Young restructure.
“We’re very pleased the Supreme Court of Vanuatu ratified the Deed of Compromise”, added Morgan