in Business & Finance

Syphax Airlines gains reorganisation plan approval

Posted 20 July 2017 · Add Comment

Syphax Airlines is on track for its planned 4Q17 relaunch after the Court of Sfax approved airline's reorganisation plan, reports ch-aviation.

Syphax has been in judicial administration since October 2015 after accumulating debts of over TND230 million (USD93.9 million).

The court-approved plan will settle debts with foreign creditors over repayment periods of 7, 10 and 15 years. It will also ensure the airline's registration with appropriate aviation authorities in order to resume operations later this year as Maghreb Airlines (Sfax).

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