Mango/lanseria

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fly...fisher
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Mango/lanseria

Unread post by fly...fisher » Tue Sep 15, 2020 7:40 am

I see an article this morning that Mango owes Lanseria 20 million...and Mango has responded that they cant pay it and will need to enter into discussions with Lanseris to come up with an arrangement..seems like the bank she is empty at the orange SAA to..







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Re: Mango/lanseria

Unread post by Flaps Up1 » Tue Sep 15, 2020 10:53 am

Anyone who thought Mango was profitable, or that Bezuidenhout was any good at what he was doing were fooling themselves. Mango has never released proper financials as they are lumped with SAA. It was all smoke and mirrors.
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Re: Mango/lanseria

Unread post by evanb » Tue Sep 15, 2020 11:36 am

fly...fisher wrote:
Tue Sep 15, 2020 7:40 am
I see an article this morning that Mango owes Lanseria 20 million...and Mango has responded that they cant pay it and will need to enter into discussions with Lanseris to come up with an arrangement..seems like the bank she is empty at the orange SAA to..
Comair owe Lanseria 31 million ...
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Re: Mango/lanseria

Unread post by Vcrit » Tue Sep 15, 2020 12:17 pm

evanb wrote:
Tue Sep 15, 2020 11:36 am
fly...fisher wrote:
Tue Sep 15, 2020 7:40 am
I see an article this morning that Mango owes Lanseria 20 million...and Mango has responded that they cant pay it and will need to enter into discussions with Lanseris to come up with an arrangement..seems like the bank she is empty at the orange SAA to..
Comair owe Lanseria 31 million ...
Whats your point? And how is this related to Mango?
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Re: Mango/lanseria

Unread post by evanb » Tue Sep 15, 2020 1:59 pm

Vcrit wrote:
Tue Sep 15, 2020 12:17 pm
evanb wrote:
Tue Sep 15, 2020 11:36 am
fly...fisher wrote:
Tue Sep 15, 2020 7:40 am
I see an article this morning that Mango owes Lanseria 20 million...and Mango has responded that they cant pay it and will need to enter into discussions with Lanseris to come up with an arrangement..seems like the bank she is empty at the orange SAA to..
Comair owe Lanseria 31 million ...
Whats your point? And how is this related to Mango?
Comair are in business rescue. They cannot pay it.

Mango's parent company SAA, which manages their treasury functions, is also in business rescue.

The whole concept of business rescue is to reschedule unsecured debt, including trade debt. While SAA and Comair are in business rescue for entirely different reasons the issue you're speaking to in the OP is functionally the same.
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Re: Mango/lanseria

Unread post by GL » Tue Sep 15, 2020 4:10 pm

evanb wrote:
Tue Sep 15, 2020 1:59 pm
Vcrit wrote:
Tue Sep 15, 2020 12:17 pm
evanb wrote:
Tue Sep 15, 2020 11:36 am


Comair owe Lanseria 31 million ...
Whats your point? And how is this related to Mango?
In practice Biz rescue seems to mean that creditors can expect a heavy haircut. So if Lanseria is owed R50m by those two airlines and they get 2.6c in the Rand from Comair they are going to hurt. My understanding though is that Mango's creditors are not as exposed as SAA's are?
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Re: Mango/lanseria

Unread post by evanb » Tue Sep 15, 2020 7:30 pm

GL wrote:
Tue Sep 15, 2020 4:10 pm
In practice Biz rescue seems to mean that creditors can expect a heavy haircut. So if Lanseria is owed R50m by those two airlines and they get 2.6c in the Rand from Comair they are going to hurt. My understanding though is that Mango's creditors are not as exposed as SAA's are?
It depends how big but unsecured creditors might expect some haircut. Comair will still want to fly from Lanseria so I expect that they'll want to make Lanseria whole. Lanseria would otherwise have a cade to withhold service if not paid.

Mango's creditors shouldn't conceptually be exposed but that depends on the specific arrangement. But since SAA hold most of Mango's cash flow, they likely are. Same for Airlink.
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Re: Mango/lanseria

Unread post by Falafel » Wed Sep 16, 2020 8:24 am

Flaps Up1 wrote:
Tue Sep 15, 2020 10:53 am
Anyone who thought Mango was profitable, or that Bezuidenhout was any good at what he was doing were fooling themselves. Mango has never released proper financials as they are lumped with SAA. It was all smoke and mirrors.
I agree largely... it has never been shown that Bezuidenhout actually did make a profit... people sang his praises here but frankly the only thing he did differently was better at PR than the others and also there were no allegations of mismanagement or theft... doesnt a good CEO make however simply because he may not have stolen anything :roll:

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