Bamboo Airways at the Vân Đồng Airport, Quảng Ninh Province. — VNA/VNS Photo

HÀ NỘI — FLC Group on September 25 has officially reclaimed the management rights of Bamboo Airways from a shareholder group led by Lê Thái Sâm.

This move comes after a series of unsuccessful restructuring efforts that failed to meet the company’s initial targets.

During an extraordinary meeting held at Bamboo Airways' former headquarters in Hà Nội, Lê Thái Sâm, chairman of the Board, reported that the restructuring plan undertaken over the past two years did not yield the expected results.

Currently, Bamboo Airways operates a fleet of only seven Airbus A320/A321 aircraft and has scaled back to just 12 domestic routes, ceasing regular international flights while maintaining charter services.

Previously, Bamboo Airways had a robust fleet of 30 aircraft, covering 66 routes, including 15 international destinations.

Sâm acknowledged that managing the airline had become financially and operationally challenging for the current investor group.

"The challenges impacting Bamboo Airways’ performance are largely beyond the control of shareholders and the management team," he said.

Following this assessment, FLC Group agreed to take over the management of the airline once more.

FLC originally founded Bamboo Airways in mid-2017, and the airline commenced commercial operations in early 2019. The airline severed ties with FLC in May 2023 when the group transferred its entire stake to Sâm.

During the recent meeting, Sâm proposed to the shareholders the transfer of all shares back to FLC Group, urging them to support the management board in complying with legal requirements for this transition.

He also committed to remaining involved in the company as chairman, taking responsibility for Bamboo Airways' performance during this critical restructuring phase.

The shareholders unanimously decided to halt the current restructuring plan and focus on developing a new growth strategy for the airline for the period from 2026 to 2030. They also approved a provision for risk management and a plan to settle existing loans and investments.

In terms of governance, shareholders agreed to dismiss two board members, Vương Công Đức and Phạm Ngọc, while appointing three new members: Trương Phương Thành, Bùi Quang Dũng and Phùng Thị Thu Thảo, expanding the board to six members for the 2023-28 term.

The supervisory board also saw changes, with four members resigning and three new members, Đặng Ngải, Trần Thị Mỹ Dung and Nguyễn Thị Thùy Linh, being elected. — BIZHUB/VNS