Planes sold, COO gone, now GM Engineering gone.
Flying bear, the rear view mirror concept is certainly a great mechanism. I know several guys trying their damnedest to get out and follow in the shoes of a number who have departed in the past year, they are disgusted.
There is a rumour circulating that they are struggling to pay bills, maybe that is why QQE was sold in March this year? Considering the aggressive buying splurge since 2010 through 2012, plus the cost cutting taking place at the moment, there could be some truth in what is rumoured?
I also heard the MD is desperate to inject capital and do what they did with APNG, but with their primary profit source of mining contracts drying up plus only being able to lease hangar space in Brisbane on a monthly basis, a float is becoming a challenge. Besides, why would anyone buy into an outfit like them anyway? Aeroplanes between 19 and 27 years old, a revolving door of management and declining contracts?
And the latest person to be shown the door is the GM Engineering! Oh boy, the wheels have well and truly fallen off.
CASA, are you listening?