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Old 1st Nov 2008, 00:35
  #55 (permalink)  
davidjohnson6
 
Join Date: Sep 2008
Location: Blighty
Posts: 3,972
Due date of debts

SkyEurope has made a formal announcement about when 2 loans fall due.
10 mn euros falls due on 5 November, and another 15 mn euros falls due on 22 November. Both loans come from York Global Finance

DJ EURO ADHOC: SKYEUROPE HOLDING OTHER SKYEUROPE ANNOUNCES THAT THE EUR 15 MILLION LOAN BECOMES DUE AND PAYABLE ON 22 NOVEMBER 2008

or

Presseportal: SkyEurope Holding - euro adhoc: SkyEurope Holding / other / SkyEurope announces that the EUR 15 million loan becomes due and payable on 22 November 2008.

I'm surprised that the loan of 10 mn euros which was initially described in mid-Sept this year as being a bridging loan to help the airline through the winter falls due in early November.

Exactly why the company felt the need to make a formal announcement puzzles me - possibly some rule on the Vienna stock exchange, or possibly something else.

I'm not that familiar with the situation regarding York Global Finance (they own 29.9% of equity - do they want to take full control of the company, or not ?) but I'm guessing that 10 Nov or 22 Nov might be significant dates regarding control of the shares. My guess is that when the loan was granted, York saw this as a cheap and quick way of taking control of the airline without having to pay off the other shareholders. Whether this has any effect on flights, I don't know.

If anyone with more knowledge of the situation would like to comment...

Last edited by davidjohnson6; 1st Nov 2008 at 01:46. Reason: Correct due date and add comment about 10mn euro loan
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