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Bondholders at EA Partners II, a Netherlands-based special purpose vehicle belonging to Etihad Aviation Group, have filed a winding-up petition against Air Seychelles (HM, Mahé), a bond market filing has revealed.

A committee of creditors at the Etihad Airways (EY, Abu Dhabi Int'l) parent company’s SPV continues to insist that the state-owned Seychellois carrier repay a debt of USD71.5 million in full, but Air Seychelles said in May that it could pay no more than USD20 million of the sum, citing insolvency or liquidation proceedings as the only alternatives.

The noteholder committee said in the disclosure, filed on August 25, that two months previously it had instructed the notes’ security trustee “to file and serve a petition for the winding-up of Air Seychelles in respect of all amounts outstanding under the facility agreement dated 26 May 2016 and made between Air Seychelles as borrower [...] together with an affidavit in support of such winding-up petition.”

Subsequently, on August 19, a lawyer acting on behalf of the security trustee had filed the...

Editorial Comment: Added final para on reaction in Seychelles - 27.08.2021 - 07:35 UTC