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Old 3rd Jul 2018, 09:54
  #49 (permalink)  
JollyRoger1830
 
Join Date: Jul 2018
Location: Paris
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In this industry, everyone will most likely loose there jobs at some point, unless your lucky! However for a company to knowingly continue operations before closing one unit with unpaid staff is a little unfair, especially when they continue with there French Operations as planned, paying staff as they go. If you can afford a downpayment on a new fleet, im sure you can scrape some cash together to see your former colleagues right as they look for new work.

Dear Shareholders,
We wish to inform you of several decisions to accelerate a restructuring operation that has been
implemented since June 2017.
The traditional model of ''charter" poses clear economic challenges, with increased competition on
the entry level, a strong cyclicality of the revenues, and a aging of our fleet which makes more and
more expensive our operations. Since its inception, Wijet has not been able to generate a positive
net margin. The acquisition of Blink UK - which should have achieved a minimum size - will not have
been accretive, on the contrary. lndeed, as of April 2017, the English company expressed a significant
cash need whereas it should have been contributory. This acquisition is the cause of Wijet's ills and
the reason for the dismissal of his former leader.
lt is therefore a question of rethinking the Wijet model for its future.
Today, June 29, 2018, we pivot the model towards an operation subcontracted to a European
business aviation operator. The vertical integration in air transport is no longer seem relevant in the
current market phase.
We adopt a model closer to Wheelsup or Surfair in the United States, which has proven effective
since 2015. Wijet will become "Wijet, operated by". Our planes will always be painted with our colors
and the service will be in the continuity of Wijet.
This structuring reduces fixed costs in the cyclical phase and will allow us to focus on sales and
marketing, which have always been our strengths. All air operations and maintenance management
will be removed from the perimeter. The current drivers still employees of the French part will be
trained on the Honda H420 during the summer. Our partner operator will provide training and
monitoring of these pilots.
We will give up the Air Carrier Certificate from Blink UK (the only one in the group) in the coming
days - an AOC that was going to pose a funds problem given EASA's stance on Brexit as early as
March 2019. Rather that to apply to a new AOC in the European Union and reproduce a model that is
not proven on entry-level so far, we choose to mutate Wijet. At the same time, we are closing down
the group's English operations, a focus of persistent loss. A fundamental decision that will improve
the financial profile of the group and optimize the financing of our new fleet. The integration of
English will never have been possible.
As you also know, we signed an agreement with Honda for a fleet replacement in February 2018. We
received two financing offers - one of which is included in our projections in terms of down payment
and monthly payments. A first down payment was made in May 2018. Our goal is to finalize an
agreement during the summer. The Honda Jet will be operated by our partner, driven by our crews
and funded by our lessor.
Keeping C510 Mustangs in flight is too costly, generating an operational loss of 200 to 350K per
month. An unacceptable performance profile. A change of fleet is therefore a priority in parallel with
the exit of the air operations.
The contract with Honda is located, like the Wijet brand and our agreements with Air France, in the
parent company, Wijet Holding SA, of which you are all shareholders.
In parallel with this transaction, we will proceed with a recapitalization, with already existing
shareholder interests. The terms will once again be open to all shareholders.
The transition - now protocolized - to the partner operator will be done during the summer of 2018,
with a full transfer objective in mid-late August. In the meantime, as it has been since April 2018, and

in the face of the gradual decline in our capacity on our old aircraft, we will charter from our partner
companies to ensure continuity of service to our customers.
On a subsidiary note. We note that the former leader of the group is prospering to disseminate
confidential information and unfortunately mistaken about the company, its past and present. As
you know, the latter destroyed his email before his dismissal, depriving him of any credibility. An
unworthy and immature behaviour in the face of personal failure, but that we will let you judge by
your personal and financial interests.
Today, we have to move forward.
A restructuring is always longer than desired, and we evaluate it at 18-24 months, of which already a
full year. We are determined to relaunch Wijet on its new model. Other agreements are being
negotiated and we will get back to you soon.
We would like to thank our Senior Advisor, Bruno Matheu, whose authority is undeniable, and the
French advisors who have been working with us for several weeks.
We thank you for your patience and support!
Jean Francois Hochenauer
Member of the Executive Board, Wijet SA

Summed up, dont trust Wijet in any form, they will be back and no doubt continue in there unethical ways. There new business model... Sell jet cards, using airplanes they dont own with a partner company flying them... Guess who will and wont be getting paid...
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