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Africa|Aggregates|Aviation|Business|Engines|PROJECT|Project Management|Services|Operations
Africa|Aggregates|Aviation|Business|Engines|PROJECT|Project Management|Services|Operations
africa|aggregates|aviation|business|engines|project|project-management|services|operations

South African Express Airways SOC (Ltd) – Assets Going To Auction.

4th November 2020

By: Creamer Media Reporter

     

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This article has been supplied as a media statement and is not written by Creamer Media. It may be available only for a limited time on this website.

GoIndustry DoveBid Africa will be hosting the SA Express auction on the 18th November 2020 closing at 16:00 SA Time.

SA Express was placed in Provisional Liquidation in May 2020. GoIndustry DoveBid Africa was mandated to perform valuation work, project management and disposal of assets. The online auction event is a culmination of months of work which included various processes to engage with interested parties to purchase the airline, with a view of 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 licenses that has not lapsed. GoIndustry DoveBid, with the Joint Provisional Liquidators and their legal advisors, are busy finalising agreements with the purchasing entity. GoIndustry DoveBid has been mandated to proceed with the online auction of the assets not included in the sale to FlySax.

The online auction will include assets such as 8x Bombardier CRJ200 jet aircrafts, which are not in an airworthy condition, with some even being scrapped by the CAA. Also included are jet engines, APUs, rotables and spares for the aircraft, and related aviation assets. The online auction, closing on the 18th November, will be the first event with a view to host a later event that will include the non-aviation assets such as office furniture.

The assets are mostly located at Johannesburg O.R. 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 our comprehensive descriptions and photos provided. This is an unavoidable circumstance.

GoIndustry DoveBid Africa is a leading asset disposal, valuation and consultancy firm which forms part of the Nasdaq listed Liquidity Services (LQDT) stable of marketplaces. Liquidity Services has recently launched AllSurplus.com which aggregates all the Liquidity Services marketplaces into one. This platform is now also available for South African sellers and buyers.

John Taylor is an account executive at GoIndustry DoveBid Africa and heads up the distressed asset division. John has worked numerous high profile liquidations and business rescues. He can be contacted on john.taylor@liquidityservices.com for more information on the SA Express auction or you can visit the event page on our website: https://bit.ly/2HZJAHN.

Edited by Creamer Media Reporter

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