Some valid points made above particularly concerning the powers of the administrators which will negate the need for an AGM. Other things that I can't follow are:-
- why assume the club debt? why not just incorporate a new company with the "new" fleet and start with a clean slate? Or do a "my travel" debt restructuring scheme of arrangement offering the debt holders a token amount in the £ to buy their loyalty so that you can get access to the facilities/fuel etc if you are concerned that the new venture will be excluded unless the old club debt is repaid.
- assuming you want some or all of the NAC aircraft then I would assume since they are "owned" by the secured creditors you could put in an offer for those potentially at a level less than their market value which the administrator might accept in order for a quick sale.
- I think the whole idea of a commercial FTO is flawed. This is a highly competitive market to get into with a raft of approvals required. Where will the instructors come from? The old lot of instructors are not licenced to carry out commercial training.
In summary the small amount of detail disclosed to date just doesn't make financial sense to me.