Wing your way to the SA Express sale
Assets of liquidated airline to be auctioned online next month
GoIndustry DoveBid Africawill be hosting the SA Express auction on November 18.
The company was mandated to perform valuation work, project management and the disposal of assets after the airline was placed in provisional liquidation in May.
The online auction is the culmination of months of work that included various processes to engage with interested parties to purchase the airlinewith a view to restarting operations.
The expression of interest process finally identified one consortium — FlySax — which will be led by an anchor investor and include a shareholding with previous SA Express staff. FlySax will not be purchasing any of the corporeal (movable) assets of SA Express, only the company itself, which includes routes, landing rights and certain regulatory licences that have not lapsed.
GoIndustry DoveBid, with the joint provisional liquidators and their legal advisers, are busy finalising agreements with the purchasing entity.
The company has been mandated to proceed with the online auction of the assets not included in the sale to FlySax.
The online auction, which closes at 4pm South African time on November 18, will include assets such as eight Bombardier CRJ200 jet aircraft, which are not in an airworthy condition — some have been scrapped by the Civil Aviation Authority. Also included are jet engines, auxiliary power units, rotables, spares and related aviation assets.
The auction will be followed by a later one that will include the airline’s non-aviation assets, such as office furniture.
The assets are mostly at Johannesburg’s OR Tambo airport, which is a restricted national key point. Interested parties who do not have the necessary permits will therefore not be able to view the assets and will have to make a purchase based on the comprehensive descriptions and photos provided by GoIndustry DoveBid Africa. This is an unavoidable circumstance.
GoIndustry DoveBid Africa is a leading asset disposal, valuation and consultancy firm that forms part of the Nasdaq-listed Liquidity Services stable of marketplaces. Liquidity Services recently launched AllSurplus.com, which aggregates all the Liquidity Services marketplaces into one. This platform is now also available to South African sellers and buyers.
John Taylor is an account executive at GoIndustry DoveBid Africa and heads the distressed asset division. He has worked on numerous high-profile liquidations and business rescues, and can be contacted on john.taylor@liquidityservices.com for more information on the SA Express auction, or you can visit the event page on the website at https://bit.ly/3mh5RzH.
AllSurplus describes itself as the world’s leading marketplace for business surplus, ranging from heavy equipment to industrial machinery, powered by “the most experienced and trusted company in the surplus industry — Liquidity Services — with over $8bn of completed sales for over 14,000 sellers. It enables sellers to take back control of their asset recovery process and keep more of their own money by selling direct to its 3.6-million registered buyers at attractive rates, without transportation costs, inspection costs or hidden prep fees.”
The company says its multichannel sales process regularly generates higher net returns by delivering true market values with fewer fees.