I am sorry to hear that so many people are out of a job again. Hope for blue skies and that something comes along.
AAI has been paying employees and contractors late for the last few months. So far the pay has been in and in full but the last one over 2 weeks late.
Cash flow problems sited and the Saudis notorious for not paying in time. This even as AAI receives most of its income in USD and a big chunk of employees paid in ISK reducing the overall employee costs. Not a good sign as to what is coming, time to lift the clutch I think.
Air Atlanta was purchased by management from the Avion Group that at one point owned the Excel Leisure Group. How was the company financed, where the loans in USD from Icelandic banks or from abroad? Is this why the pay is late? Banks can't finance the show anymore?
Looking at the economical situation in Iceland it just makes one wonder how anything commercial that has been financed from Iceland or anything to do with Iceland can survive?
Both Excel and Sterling are now out of business, one could say let down by their owners what is next? I am afraid that this will probably go much deeper than just aviation investments of the Icelandic so called "Business men". Watch out for large holdings owned by these people in and out of Europe. We have not seen the end of the Icelandic Economic disaster and the implications around the world yet.
What I really find surprising is that the Icelandic premier runs around the Nordic looking for more billions to cover for the stupidity they have started and a helping hand. Join EU and Euro. Yes now that things are really bad this is the life boat. Not so dear chaps, EU has enough poor countries to feed and help. No need for an Icebabwe. Get your act together and then perhaps.
It is a bit like I would run up a credit card bill on MC, pay that with Visa then pay the Visa bill with Amex and so forth until the limit comes. Then visit my neighbours asking them to pay my bills and credit card bills.
I am equally surprised about the lack of discussion about bringing those "Business men" in Iceland responsible for the chaos created by their total and utter mismanagement of funds into criminal justice and accountable for their actions.
This crisis has reached the magnitude and scale reaching far outside Iceland that the people in Iceland and their government should take severe measures to seek out and punish those responsible. If Iceland is unwilling to do that, then other governmets should take action against the culprits and their property.