Bamboo Airways names new senior advisor amid restructuring
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Sacombank Chairman Duong Cong Minh was appointed senior advisor to the board of directors at Bamboo Airways to support the airline’s restructuring.
Minh, 62, is also the founder and chairman of property developer Him Lam. His appointment came three days after the airline named a new chairman.
Minh will be key to the restructuring of Bamboo Airways’ management and expansion, Chairman Nguyen Ngoc Trong said.
Sacombank was one of the top lenders to Bamboo Airways and its parent company, FLC Group. Hundreds of millions of airline shares were used as collateral for loans at the bank under the reign of ex-chairman Trinh Van Quyet, who was arrested for allegedly manipulating the stock market.
As of June 30, the group and its subsidiaries had finished paying off their VND1.8 trillion ($76.9 million) debt to Sacombank, according to FLC’s financial statements.
Bamboo Airways currently operates nearly 170 flights a day on 40 domestic and 12 international routes.
The carrier plans to continue launching new international services to tourism markets in Asia, Europe and Australia.
It also plans to increase its fleet to 35 by the end of this year and triple its fleet size to 100 aircraft by 2028.
Questions & Answers
Q.What is the new senior advisor's role in the restructuring of Bamboo Airways?
What is the new senior advisor's role in the restructuring of Bamboo Airways?
Duong Cong Minh was appointed senior advisor to support the airline’s restructuring. He will be key to the restructuring of Bamboo Airways’ management and expansion plans, according to Chairman Nguyen Ngoc Trong.
Q.What is the relationship between Sacombank and Bamboo Airways?
What is the relationship between Sacombank and Bamboo Airways?
Sacombank was a top lender to Bamboo Airways and its parent company, FLC Group. Hundreds of millions of airline shares were used as collateral for loans at the bank under the previous chairman.
Q.Has Bamboo Airways repaid its debt to Sacombank?
Has Bamboo Airways repaid its debt to Sacombank?
Yes, as of June 30, the group and its subsidiaries had finished paying off their VND1.8 trillion ($76.9 million) debt to Sacombank. This information comes from FLC’s financial statements.
Q.What are Bamboo Airways' growth plans for its fleet and international routes?
What are Bamboo Airways' growth plans for its fleet and international routes?
The carrier plans to increase its fleet to 35 by the end of this year and then triple it to 100 aircraft by 2028. It also intends to launch new international services to tourism markets in Asia, Europe, and Australia.
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