Aer Arann
Only slightly better than getting 100% of nothing - which is I suppose the alternative. Probably enough though for it to be voted through at the Creditors' meeting hopefully.
compton3bravo
George Osborne confirmed in his speech this afternoon that the Crossrail project will go ahead as planned.
compton3bravo
George Osborne confirmed in his speech this afternoon that the Crossrail project will go ahead as planned.
Join Date: Jul 2002
Location: In the sticks
Posts: 9,862
Likes: 0
Received 0 Likes
on
0 Posts
Southend might well be offering Aer Arann a good deal on landing fees but their aircraft will burn more fuel and have extended travel times getting there from Ireland. Being virtually surrounded on 2 sides by water Southend’s catchment area is in two directions only.
Anyone travelling down the M1 from the north of Luton will face an extra one and a half hour drive and that’s not in the rush hour. In peak time travel will be around 2 hours.
Anyone travelling down the M1 from the north of Luton will face an extra one and a half hour drive and that’s not in the rush hour. In peak time travel will be around 2 hours.
If the Irish Times is correct, and I've no reason to believe it is wrong, the refinancing package looks like some sort of comedy double-act between shareholders and Stobart. There just isn't enough money going in to allow the airline to function properly. By the time that half of the new money has gone towards repaying old creditors, and other suppliers will no doubt have asked for payment up front for services like fuel, handling and landing fees, there will be virtually no new money going into the operation. There is not a hope in hell of this working, particularly if this is supposed to provide adequate funds to build up new routes from Southend which will incur losses during the start-up period anyway. This has just created another disaster waiting to happen.
Join Date: Sep 2001
Location: South East
Age: 56
Posts: 614
Likes: 0
Received 0 Likes
on
0 Posts
Join Date: Oct 2010
Location: Mansfield
Posts: 44
Likes: 0
Received 0 Likes
on
0 Posts
I used to travel IOM-LCY on a fairly frequent basis, but the fares are now astronomical (yesterday the cheapest seemed to be just under £190 for a mid-January return flight after the "happy hour" 50% discount was applied!). So Aer Arann no longer get any money from me at all.
Good business? Don't think so; although they would no doubt argue that they used to sell flights too cheaply, they now encourage people like me to look at the Flybe Gatwick alternative.
Good business? Don't think so; although they would no doubt argue that they used to sell flights too cheaply, they now encourage people like me to look at the Flybe Gatwick alternative.
Join Date: Mar 2003
Location: Europe
Posts: 2,175
Likes: 0
Received 0 Likes
on
0 Posts
Well, I guess they have done their maths and feel that they are better off with current fares, now that the route is sort of established.
With 20 people paying 200 GBP they will earn much more money than with 40 people paying 100 GBP as taxes and fees eat up the biggest chunk of the 100 GBP fare. Probably they even earn more with just 10 paying 200 GBP....
With 20 people paying 200 GBP they will earn much more money than with 40 people paying 100 GBP as taxes and fees eat up the biggest chunk of the 100 GBP fare. Probably they even earn more with just 10 paying 200 GBP....
Join Date: May 2004
Location: Dublin, Ireland
Posts: 100
Likes: 0
Received 0 Likes
on
0 Posts
Aer Arann Examiner Given More Time For Report
October 22, 2010 - 6:09pm
AER ARANN EXAMINER GIVEN MORE TIME FOR REPORT
The High Court has given the examiner appointed to Aer Arann further time to produce his report.
It emerged last week that a UK transport and logistics company had agreed to invest up to 4 million euro in the regional airline.
It's understood the cash injection by Stobart should allow the airline to exit examinership.
Source:
AER ARANN EXAMINER GIVEN MORE TIME FOR REPORT | Galway Bay FM | galwaynews.ie
AER ARANN EXAMINER GIVEN MORE TIME FOR REPORT
The High Court has given the examiner appointed to Aer Arann further time to produce his report.
It emerged last week that a UK transport and logistics company had agreed to invest up to 4 million euro in the regional airline.
It's understood the cash injection by Stobart should allow the airline to exit examinership.
Source:
AER ARANN EXAMINER GIVEN MORE TIME FOR REPORT | Galway Bay FM | galwaynews.ie
Join Date: May 2004
Location: Dublin, Ireland
Posts: 100
Likes: 0
Received 0 Likes
on
0 Posts
Aer Arann creditors agree debt scheme
Not so odd now;
The Irish Times - Saturday, October 23, 2010
Aer Arann creditors agree debt scheme
CIARÁN HANCOCK, Business Affairs Correspondent
AER ARANN appeared to move a step closer to successfully exiting examinership yesterday after a majority of the airline’s creditor classes agreed to a proposed scheme of arrangement to settle their debts.
A majority of the 16 creditor classes approved the scheme of arrangement yesterday at a series of meetings held with the airline’s examiner, Michael McAteer of Grant Thornton.
The scheme still requires the approval of the High Court and creditors can oppose the terms of the scheme of arrangement when the case is heard.
It is understood that the Revenue Commissioners, who are owed about €2 million across three creditor classes, voted against the terms offered to preferential and super preferential creditors.
It abstained in relation to unsecured creditors. But the Revenue indicated yesterday that it wished to see Aer Arann successfully exit the examinership process and it is not expected to oppose the scheme in court.
Justice Mary Finlay Geogeghan yesterday set next Tuesday as the date for the next hearing in the Aer Arann’s examinership.
Mr McAteer is expected to present a Section 18 report on this date. This will detail the proposals put to members and the outcome of each of the creditors meetings.
He is also expected to seek a confirmation hearing for next Friday, at which the judge could set an effective date for the airline to exit examinership.
Creditors of Aer Arann are set to receive €2.2 million from the airline’s new investors in settlement of their debts. The creditors are owed €29.5 million between them.
Mr McAteer has agreed an investment of €3.5 million with UK transport group Stobart and businessman Pádraig Ó Céidigh, who owns the airline. They will purchase Aer Arann for €1.
Source: Aer Arann creditors agree debt scheme - The Irish Times - Sat, Oct 23, 2010
The Irish Times - Saturday, October 23, 2010
Aer Arann creditors agree debt scheme
CIARÁN HANCOCK, Business Affairs Correspondent
AER ARANN appeared to move a step closer to successfully exiting examinership yesterday after a majority of the airline’s creditor classes agreed to a proposed scheme of arrangement to settle their debts.
A majority of the 16 creditor classes approved the scheme of arrangement yesterday at a series of meetings held with the airline’s examiner, Michael McAteer of Grant Thornton.
The scheme still requires the approval of the High Court and creditors can oppose the terms of the scheme of arrangement when the case is heard.
It is understood that the Revenue Commissioners, who are owed about €2 million across three creditor classes, voted against the terms offered to preferential and super preferential creditors.
It abstained in relation to unsecured creditors. But the Revenue indicated yesterday that it wished to see Aer Arann successfully exit the examinership process and it is not expected to oppose the scheme in court.
Justice Mary Finlay Geogeghan yesterday set next Tuesday as the date for the next hearing in the Aer Arann’s examinership.
Mr McAteer is expected to present a Section 18 report on this date. This will detail the proposals put to members and the outcome of each of the creditors meetings.
He is also expected to seek a confirmation hearing for next Friday, at which the judge could set an effective date for the airline to exit examinership.
Creditors of Aer Arann are set to receive €2.2 million from the airline’s new investors in settlement of their debts. The creditors are owed €29.5 million between them.
Mr McAteer has agreed an investment of €3.5 million with UK transport group Stobart and businessman Pádraig Ó Céidigh, who owns the airline. They will purchase Aer Arann for €1.
Source: Aer Arann creditors agree debt scheme - The Irish Times - Sat, Oct 23, 2010
It does sound rather odd that a required investment of €10 million being mentioned just ten days ago seems now to have shrunk to only €3.5 million of new money actually being put in.
Join Date: Nov 2006
Location: Southampton
Posts: 1
Likes: 0
Received 0 Likes
on
0 Posts
Southampton
I am surprissed Aer Arann has not restarted Cork-Southampton or even a Dublin-Southampton route in competition with Flybe!
There is a large Irish community in and around Southampton, plus the yachting connections so I am surprised they have not made a comeback on the Cork route plus if Flybe can fly to such destinations from Southampton as Brest, La Rochelle, etc I am sure a Cork route could be a success.
Would be nice to see an Aer Arann aircraft at Southampton in an Aer Lingus livery, a welcome change from all the Flybe's!
There is a large Irish community in and around Southampton, plus the yachting connections so I am surprised they have not made a comeback on the Cork route plus if Flybe can fly to such destinations from Southampton as Brest, La Rochelle, etc I am sure a Cork route could be a success.
Would be nice to see an Aer Arann aircraft at Southampton in an Aer Lingus livery, a welcome change from all the Flybe's!
Join Date: Apr 2008
Location: Essex
Posts: 57
Likes: 0
Received 0 Likes
on
0 Posts
Is this different to any other airline?
Ryanair, Aer Lingus, EasyJet, Flybe always have sales on, why is it strange for RE to do the same? If the new funding comes in that doesn't stop the need to attract customers.
Ryanair, Aer Lingus, EasyJet, Flybe always have sales on, why is it strange for RE to do the same? If the new funding comes in that doesn't stop the need to attract customers.
Join Date: Oct 2004
Location: Ireland/UK
Posts: 95
Likes: 0
Received 0 Likes
on
0 Posts
Aer Arann used do sales either weekly or less frequently. I cannot remember from the regional roulette but I thought that was supposed to be a weekly sale on a Friday afternoon, it appears its more frequent now not long after its launch.