Jasondn From South Africa, joined Nov 2007, 207 posts, RR: 1 Posted (2 years 10 months 5 days 14 hours ago) and read 2692 times:
Does not sound like any good news for the newest LCC start up in South Africa. From my understanding, unless additional funding is found by 5 March and the creditor BP is paid, then that will be the end.
SA7700 From South Africa, joined Dec 2003, 3431 posts, RR: 26
Reply 3, posted (2 years 10 months 3 days 10 hours ago) and read 1987 times:
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My apologies for being cynical but I knew they would not last. Competition is fierce on the so-called "Golden Triangle" while business people does not seem to realize, IMHO, that there are extremely good opportunities available on secondary routes with the proper air fleet in place.
When you are doing stuff that nobody has done before, there is no manual – Kevin McCloud (Grand Designs)
The article is a bit unclear, it says the company ceased ops due to the "unavailability of fuel". I guess it means suppliers were requesting advance payments which Velvet couldn't provide as it ran out of cash?