Firstly, thanks to all who have posted replies to my original question.
Picking up on the previous posts from Golden Lion and PFR....whilst the DC10 and L1011 are old and expensive units in terms of DOC's and maintenance, that does not tell the full story. The problem facing JMC, although they are not the only ones, is monthly lease costs and therefore required seat sale rate versus market demand and price tolerance.
In the current climate, those airlines that operate new equipment are on a sticky wicket, because even with renegotiated lease costs these aircraft are stil costing US$650,000 plus per month.
On the other hand, an airline running older aircraft can still do the same job at a fraction of the cost, take EAC,s B747's for example. They can afford to fly those units for a third of the amount of hours that JMC require to fly the A330's just to break even. This leaves alot more time to maintain the older units and still make money.
Obviously, at the time JMC ordered the A330's it seemed a sensible proposition, no one could have foreseen the tragic events of 11 Sept.
The reality now is that whilst airlines still have to run new, expensive aircraft in a market that will no longer sustain the required revenues, the leasing companies still want their bills paid.
The market will pick-up again eventually, but the trick is being able to weather the storm until this happens.......unfortunately, not all will stay afloat, but those with the cheaper units have a better chance.
Happy Xmas all <img src="smile.gif" border="0">