VOLARE in trouble?
VOLARE in trouble?
Join Date: Jul 2000
Location: Nirvana..HAHA..just kidding but,if you can tell me where it is!
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What baffles me are the productivity payments paid to crews during the last 12 months whilst Volare Airlines was running up its 240-300 million Euro debts. To all those pilots thinking about running to My Way, the new airline being started by the ex Volare management in the expert hands of Mr. Vincenzo Soddu, an ex Italian military fighter pilot.just think about that!!!
In a brief recap of the last 3 years...when Mr. Soddu and Volare Airlines aquired Air Europe Italy the first thing they did was sell aircraft and offices to raise capital, then lease back. This inflated the Volare Airlines books. Then, all losses in the Volare Group were dumped on Air Europe. The rest is history but suffice to say that KPMG Forensic, called in by the present management, have found a hole in the accounts amounting to over 60 million euro relating to the past managements habits.
New and old shareholders alike are desperately working to recapitalise the airline and today it has been announced that the region of Lombardia may take an interest in order to save the day.
Good luck to all those good guys and girls in Air Europe/Volare.... the rest of you....off to My Way.
In a brief recap of the last 3 years...when Mr. Soddu and Volare Airlines aquired Air Europe Italy the first thing they did was sell aircraft and offices to raise capital, then lease back. This inflated the Volare Airlines books. Then, all losses in the Volare Group were dumped on Air Europe. The rest is history but suffice to say that KPMG Forensic, called in by the present management, have found a hole in the accounts amounting to over 60 million euro relating to the past managements habits.
New and old shareholders alike are desperately working to recapitalise the airline and today it has been announced that the region of Lombardia may take an interest in order to save the day.
Good luck to all those good guys and girls in Air Europe/Volare.... the rest of you....off to My Way.
Last edited by Yaw String; 31st Oct 2004 at 07:21.
Join Date: May 2004
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Presently there is a whole of about 40 million, the 300 millions are long therm depts, like most of the airlines have.
Recapitalisation of 60 millions should be done by 10-12. Nov.
Part of the salary to be payed this week.
300 million depts come from the take over of AirEurope.
@yaw string you have the wrong books, losses came from AirEurope due to their expensive A320 operations for the Swissair network and Volare never owned A320, all of them were leased, so they never sold them.
And by the way more than 60% of italian pilots come from military, its normal here (even I dont like it), Soddu was the former CEO of AlpiEagels.
Now he took millions out of Volare to start MyWay, very clever, fom his point of view.
Recapitalisation of 60 millions should be done by 10-12. Nov.
Part of the salary to be payed this week.
300 million depts come from the take over of AirEurope.
@yaw string you have the wrong books, losses came from AirEurope due to their expensive A320 operations for the Swissair network and Volare never owned A320, all of them were leased, so they never sold them.
And by the way more than 60% of italian pilots come from military, its normal here (even I dont like it), Soddu was the former CEO of AlpiEagels.
Now he took millions out of Volare to start MyWay, very clever, fom his point of view.
Join Date: Nov 2001
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Did I notice a Volare parked adjacent to the Painting hangar in SNN this afternoon ....... B767 or similar size a/c ??? .......
Last edited by hobie; 30th Oct 2004 at 21:56.
Join Date: Jul 2000
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Believe that everything owned by Air Europe was sold and leased back after the entry of Volare.
Yes it is true that Air Europe was already in debt due loss making JFK route and the Swissair fiasco!
Nothing against military pilots who are first taught to make snap decisions independently, to save their country,then have the difficult task of integration into the civil scene with the concept of CRM "I think it is the left engine that has failed, what do you think No.2? and you down the back, what do you say?"
I think that it is Mr. Soddu, all by himself, that has caused so much open hostility toward Volare in the past. Quite an achievment for a single man.
Yes it is true that Air Europe was already in debt due loss making JFK route and the Swissair fiasco!
Nothing against military pilots who are first taught to make snap decisions independently, to save their country,then have the difficult task of integration into the civil scene with the concept of CRM "I think it is the left engine that has failed, what do you think No.2? and you down the back, what do you say?"
I think that it is Mr. Soddu, all by himself, that has caused so much open hostility toward Volare in the past. Quite an achievment for a single man.
Join Date: May 2003
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Italy-Operators
Truely, the come and go. Little "molto importante" outfits and "Commandante e Direttore" ... nothing else then bleed Air.
I am sorry for all the people who looked with tears in the eyes into the banks statements at the and of the month.
NG
I am sorry for all the people who looked with tears in the eyes into the banks statements at the and of the month.
NG
Join Date: Jun 2004
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I feel for the folks over there in Italy, its a bad situation to find yourself in, the only good point is that there are jobs around, even if they are not all in Europe. I wish them well. As for there A330 well 2 are going to Etihad, one in Dec one in Jan.
Join Date: Apr 2004
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Volare Dilema
I believe you are right in relation to the airline and the crisis, I have heard that a number of people are already moving to greener pastures, with the fleet starting to disolve and the lessors circling......how long more?
It is only a matter of time which is sad considering that the industry is broadly facing a period of sustained recovery!
we can only say a prayer!
It is only a matter of time which is sad considering that the industry is broadly facing a period of sustained recovery!
we can only say a prayer!
Join Date: Apr 2004
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Yes, Good Luck to you all. At least two of your former A330's are now flying down here in the Gulf for Qatar (A7-AFN and AFO). Why not follow them here? There are positions available.
I believe the Airbuses are on lease through GPA.
I believe the Airbuses are on lease through GPA.