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IOL News
3 days ago
- Business
- IOL News
Mango airline's business rescue plan faces setback as court ruling is challenged
Mango's business rescue practitioner is challenging the Gauteng High Court, Johannesburg, ruling declaring the plan to save the state-owned low-cost airline unimplementable. Image: File The business rescue practitioner (BRP) of grounded low-cost airline Mango is challenging the Gauteng High Court, Johannesburg, judgment declaring the plan to save the state-owned company unimplementable. BRP Sipho Sono has filed an application for leave to appeal Judge Denise Fisher's ruling handed down last month. Judge Fisher found that the plan, stripped of its complexity, amounts to nothing more than the confiscation of creditors' claims to be transferred by Sono to an investor who pays no value for them or the shares. She ordered: 'The compulsory cession contained in clause 6.2.6 of the business rescue plan is declared to be invalid and of no force and effect. It is declared that the business rescue plan cannot be implemented'. Judge Fisher said Sono's opposition to Aviation Co-ordination Services' (ACS's) application was unmeritorious. ACS, which provided security-related services such as baggage and cargo screening services, baggage reconciliation and check-in services, hauled Mango and Sono to court over the plan to save the subsidiary of South African Airways. The company is one of the creditors owed about R2.91 billion by Mango before it was placed under business rescue in July 2021 and is owed over R23.3 million. ACS complained that its estimated settlement would translate roughly to R44,300 per R1m, a return which it described as negligible, if not nominal. Sono has indicated that there are sufficient funds to pay a dividend of more than the 4.43 cents to each rand owed, as estimated in the business rescue plan. In the challenge to Judge Fisher's judgment, Sono stated that the court's findings that a business rescue plan cannot provide for an involuntary cession against non-acceding creditors was made as a principle that is far-reaching and has implications that extend beyond the present dispute and constitute a compelling reason why leave to appeal should be granted. 'The decision involves a question of law which is important, as the decision is of general application, affecting all business rescue plans that entail an involuntary cession, including against non-acceding creditors, which is a common feature of business rescue plans,' he explained. Mango and Sono want to be granted leave to appeal to the Supreme Court of Appeal and believe there are reasonable prospects of success. Sono defended the appeal, asserting his right to pursue litigation if he reasonably believes that a favourable outcome for Mango will benefit all affected parties. 'The BRP will continue to act and take such steps as he reasonably believes are in the best interests of all affected persons, notwithstanding the various threats made by ACS and its legal representatives, which are regrettable, inflammatory, and achieve no legitimate purpose,' he added. According to Sono, ACS's intentions remain unclear but on the face of it, it would seem that the company prefers a situation where the potential investor withdraws and Mango is wound up. 'It is not clear why such an outcome would be favourable to ACS, who during the height of Mango's operations generated approximately R70m per annum in revenue,' he added. [email protected]
The South African
09-07-2025
- Business
- The South African
Mango Airlines' return to the sky hits major stumbling block
In a major blow to Mango Airlines' long-delayed comeback, the Gauteng High Court in Johannesburg has ruled that the state-owned low-cost carrier's business rescue plan cannot be implemented, casting fresh doubt on the future of the airline, which has been grounded since July 2021. The ruling follows a legal challenge from Aviation Co-ordination Services (ACS) – a key creditor owed approximately R2.91 billion – who questioned both the fairness and viability of the proposed rescue strategy, which was developed by business rescue practitioner Sipho Sono. ACS, responsible for vital aviation services such as baggage and cargo screening, argued that the plan grossly undervalued creditor compensation, offering only 4.43 cents on the rand. Describing the offer as 'negligible, if not nominal,' ACS claimed the plan lacked a solid foundation for long-term financial recovery. When Mango entered business rescue in 2021, the airline had few tangible assets, with most of its operational capacity dependent on leased aircraft and infrastructure. The business rescue plan included a controversial compulsory cession clause, which the court has now declared 'invalid and of no force and effect.' In a scathing critique, Judge Fisher rejected Sono's opposition to the ACS application, describing it as 'unmeritorious' and raising further questions about the fragility of the airline's recovery efforts. Despite the setback, Sono has instructed his legal team to appeal the judgment, attempting to salvage a rescue plan that has been years in the making. However, the road ahead appears increasingly uncertain, with ongoing negotiations with creditors and the urgent need for investment looming large. The prolonged grounding of Mango has not only crippled its operations but also affected countless employees, customers, and industry stakeholders, highlighting the broader challenges plaguing South Africa's aviation sector amid continued economic volatility. The full court judgment is available via the Southern African Legal Information Institute (SAFLII). Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
03-07-2025
- Business
- IOL News
Mango Airlines faces legal challenges in its business rescue plan
State-owned Mango appears no closer to the skies again, four years after the low-cost airline was grounded in July 2021, as legal challenges intensify. Image: File Troubled state-owned low-cost airline Mango's business rescue practitioner (BRP), Sipho Sono, has instructed his legal representatives to appeal against the Gauteng High Court, Johannesburg, judgment stopping the implementation of its business rescue plan. The move follows Judge Denise Fisher finding that 'the plan, shorn of its complexity, amounts to nothing more than the confiscation of the creditors' claims in order that they be transferred by Sono to an investor who pays no value for them or the shares'. The matter was brought by Aviation Co-ordination Services (ACS), which provided security-related services such as baggage and cargo screening services, baggage reconciliation, and check-in services. The company hauled Mango and Sono to court over the plan to save the South African Airways subsidiary. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ ACS is among dozens of creditors owed about R2.91 billion by Mango before it was placed under business rescue in July 2021. Mango owes ACS over R23.3 million and was among the creditors who voted against Sono's business rescue plan approved by 98% of the voting creditors. ACS objected to a payment to the creditors (clause 6.2.6) in the plan, stating that all of the remaining balance of the claims of the remaining concurrent creditors will be ceded to the investor at face value thereof, but for nominal consideration. In his latest communication all affected parties, Sono indicated that on June 17, the Gauteng High Court, Johannesburg, handed down a judgment in the application launched by ACS in terms of which it declared the compulsory cession contained in clause 6.2.6 of the business rescue plan was declared invalid and of no force and effect. The court also declared that the business rescue plan cannot be implemented. 'Since the handing down of the judgment, the BRP has carefully studied the judgment and consulted with his legal representatives,' Sono explained. The BRP said following the engagements with his lawyers, he intends to apply for leave to appeal against the whole judgment. He has accordingly instructed his legal representatives to prepare the necessary documents for purposes of noting the appeal and undertook to provide further updates on the status of the appeal in due course.
Yahoo
17-06-2025
- Automotive
- Yahoo
Sono Group N.V. Accelerates Commercial Rollout of Solar Technology for Electric Trucks and Refrigerated Trailers
Recent installations on an e-truck and refrigeration trailer showcase the scalability and commercial readiness of Sono's solar solutions Munich, June 17, 2025 (GLOBE NEWSWIRE) -- The solar technology company Sono Group N.V. (OTCQB: SEVCF) (hereafter referred to as 'Sono Group' or 'Sono', parent company to Sono Motors GmbH or 'Sono Motors') today announced two standout commercial installations of its proprietary solar retrofit solutions, demonstrating growing momentum as the Company ramps up activities at its facilities in ongoing activities across several vehicle platforms, these two recent installations offer a glimpse into the practical impact and versatility of Sono's technology. Last week, Sono engineers completed a first-of-its-kind installation of the Company's low-voltage solar solution on a fully electric cargo box truck: a breakthrough for electrified logistics. The photovoltaic solution was seamlessly integrated onto the roof of the truck's cargo box. Using Sono's proprietary low-voltage solar charge controller, the system is connected to the vehicle's 24V onboard battery, similar to the architecture already deployed in the Company's successful bus retrofits. Sono also offers high-voltage solar charge controllers for battery electric trucks, buses and vans which allow charging directly the traction battery at levels between 400V to 800V. This week, Sono finalizes the installation of its solar solution on a refrigeration trailer, one of the most impactful use cases for solar-powered transport. The system provides more than 4,5 kWp installed power and Sono's 48V solar charge controller, integrated with the trailer's 48V battery system. By supplying power directly to the refrigeration unit, the solution reduces energy/fuel dependency, supports quieter emission free operation, and helps extend component life. Operators can reduce energy or diesel consumption, achieving a return on investment between 3 to 5 years depending on the use case. 'These two installations reflect the breadth of applications we're supporting today,' said George O'Leary, Managing Director and CEO of Sono Group. 'From refrigerated trailers to electric box trucks, our team continues to deliver practical solar solutions that reduce costs, emissions, and complexity for commercial fleets.' Every Sono retrofit solution is paired with the Company's proprietary Solar Fleet Dashboard, a user-friendly interface offering insights into solar yield, fuel savings, and CO₂ reduction. The dashboard also supports historical data tracking and actionable fleet analytics, empowering customers to make informed operational decisions and meet their sustainability goals. Beyond low-voltage configurations, Sono also offers high-voltage integration options for vehicles with traction batteries or higher power demands. These are particularly suited for electric trucks, hybrid systems, or applications with continuous auxiliary loads, delivering even greater energy autonomy. With additional installations planned across new vehicle categories and geographies, Sono continues to expand its operational footprint and partner network. Fleet operators and partners interested in evaluating solar integration opportunities or co-developing use cases are encouraged to contact Sono's integration team at This progress reflects Sono Group's commitment to accelerating the adoption of solar technology in commercial transport through scalable, modular, and intelligent solutions that work in the real world today. ABOUT SONO GROUP N.V. Sono Group N.V. (OTCQB: SEVCF) and its wholly owned subsidiary Sono Motors GmbH are on a pioneering mission to accelerate the revolution of mobility by making every commercial vehicle solar. Our disruptive solar technology has been developed to enable seamless integration into all types of commercial vehicles to reduce the impact of CO2 emissions and pave the way for climate-friendly mobility. For more information about Sono Group N.V., Sono Motors, and their solar solutions, visit and Follow us on social media: LinkedIn, Facebook, BlueSky, Truth Social, and STATEMENTS This press release may contain forward-looking statements. The words "expect", "anticipate", "intend", "plan", "estimate", "aim", "forecast", "project", "target", 'will' and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the intentions, beliefs, or current expectations of the Company and its subsidiary Sono Motors GmbH (together, the 'companies'). Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and could cause the companies' actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to, risks, uncertainties and assumptions with respect to: the Company's ability to uplist to the Nasdaq Capital Market, including meeting the initial listing requirements; the Company's ability to satisfy the conditions precedent set forth in its recent securities purchase agreement ('Securities Purchase Agreement') and exchange agreement ('Exchange Agreement') entered into with YA II PN, Ltd. ('Yorkville'); the timing of closing the transactions contemplated by the Securities Purchase Agreement and the Exchange Agreement; the impact of the transactions contemplated by the Exchange Agreement and Securities Purchase Agreement on the Company's operating results; our ability to maintain relationships with creditors, suppliers, service providers, customers, employees and other third parties in light of the performance and credit risks associated with our constrained liquidity position and capital structure; our ability to comply with OTCQB continuing standards; our ability to achieve our stated goals; our strategies, plan, objectives and goals, including, among others, the successful implementation and management of the pivot of our business to exclusively retrofitting and integrating our solar technology onto third party vehicles; our ability to raise the additional funding required beyond the investment from Yorkville to further develop and commercialize our solar technology and business as well as to continue as a going concern. For additional information concerning some of the risks, uncertainties and assumptions that could affect our forward-looking statements, please refer to our filings with the U.S. Securities and Exchange Commission ('SEC'), including our Annual Report on Form 20-F for the year ended December 31, 2023, which are accessible on the SEC's website at and on our website at Many of these risks and uncertainties relate to factors that are beyond our ability to control or estimate precisely, such as the actions of courts, regulatory authorities and other factors. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. Except as required by law, the Company assumes no obligation to update any such forward-looking SONO GROUP N.V. 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IOL News
10-06-2025
- Business
- IOL News
Mango airline sale: SAA to receive nominal fee as new owners emerge
State-owned Mango appears to be a step closer to the skies again, four years after the low-cost airline was grounded in July 2021. Image: File The sale of grounded state-owned low-cost airline Mango is being finalised and its current owners, SA Airways (SA), are likely to receive a nominal fee of about R1 000. Business rescue practitioner Sipho Sono this week said there was no reason why SAA should not sign the sale of shares agreement because the sale was approved even though the matter had to go to court to force the decision. 'That decision has already been taken. We don't know why its taken SAA long to comment on the sale of shares agreement but at least now there is some movement,' he explained. Sono said SAA appointed lawyers advising the national carrier to review and conclude the agreement. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ 'So it looks like we are moving in the right direction. The value that goes to SAA is nominal, they are not getting anything. Their shares will be sold at next to nothing, let's say a R1,000,' he added. Sono expressed confidence that the rest is more the language of the agreement and nothing of substance will change. Mango's new owners are expected to lease aircraft, according to Sono. 'The investor will be buying the intellectual property, the brand, which is Mango, and the loyal customer base, which previously had a good experience with Mango. The planes and so forth would be leased independently so there are no planes to be sold,' he said. Sono said Mango has to be sold and it has to be privatised as it may no longer be owned by SAA. 'It will be sold to a private investor whose details we have not officially released. We will only do so once all the relevant agreements have been signed,' he further stated. Sono said the investor has also reviewed the agreement and once it is signed the investor will be announced but timelines for the restart of Mango have not been finalised. 'We are busy with trying to conclude a transaction that will then allow the investor to finalise its own business plan. The timelines and the dates will be announced in the future,' he said. At the start of the business rescue process, there were 55,000 unflown customers, which is about R180 million in value. Sono said some of the customers have been refunded by their banks, where if a passenger bought a ticket with their credit card they are allowed to claim back from the bank within 30 days or so. In addition, there are a number of customers who may have opted for bank refunds and some of them may have been refunded by Mango's pervious travel partners. Sono said customers are no different from other creditors but they have been prioritised to receive the full value of their unflown tickets. 'Customers are getting good value, assuming we finalise the transaction and Mango restarts soon enough,' he said. However, if the sale is not concluded, customers will be treated the same way as other creditors and will be paid a dividend, which is a fraction of what they paid for their tickets.
