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Excel Airways

Old 2nd Sep 2008, 20:58
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Can anybody confirm a link between XL and the Canadian group Sunwings? I heard that Sunwings operate some of the XL flights etc? Just that i have a mate who is a sunwings FO and was wondering how this might affect them?
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Old 3rd Sep 2008, 01:20
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Thumbs up

XL operate Sunwing flights through the winter In Canada with 738's (wet leased aircraft), hopefully with the re-financing going through, it will be the same as last year !!!

HFS
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Old 3rd Sep 2008, 09:27
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It was rumoured earlier in this year that easyJet where looking at excel airways for it's slots. Rumour is (!) if easyjet get more than 25% of LGW slots they get the north terminal.
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Old 3rd Sep 2008, 09:38
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Quick business lesson required here please. Why would bmi be interested in XL? Completely different business model, completely different fleet of aeroplanes etc etc. Suely that's just a massive headache that bmi could do without at the moment?
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Old 3rd Sep 2008, 10:37
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It would be intresting to see bmi have XL, I highly doubt it, I mean, if they did, the 737's would go to bmibaby? Can you imagen a bmibaby colours on a B739 and time soon, dont really think so... However they have A332 on order, which bmi want, well, they did
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Old 3rd Sep 2008, 20:19
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Have heard that BMI are interested in moving their Manchester Carribbean work to lgw , maybe that is where that comes in !
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Old 3rd Sep 2008, 20:44
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XLA286/7 To Kefalonia

Heyy I am travelling of this flight on Sunday ? Does anybody know what type of aircraft oparates this flight ?

Cheers
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Old 3rd Sep 2008, 20:48
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I would guess either a 738 or a 739ER, most likely the latter as it seems to be making the longer routes.
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Old 4th Sep 2008, 15:38
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XLA286 MAN-EFL ops on a B739, currently due to be G-XLAR this Sunday.
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Old 8th Sep 2008, 13:50
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Question

Anyone heard how they got on with their restructuring last week...hopefully "no news is good news"
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Old 8th Sep 2008, 16:44
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My contacts in/around Gatwick tell me not very well, but I am not sure how to interpret that.
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Old 10th Sep 2008, 11:54
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Latest Update from Eimskip

News

10.09.08
XL Leisure Group’s refinancing not ensured

- Investors now in place to assume XL loan obligation if required-
As previously announced, Hf. Eimskipafelag Islands (“Eimskip”) (OMX: HFEIM) guaranteed a loan as part of its divestment of XL Leisure Group in 2006. According to information from XL, a process of refinancing is underway at that company. Without making any assumptions in relation to the process, the Board of Eimskip wishes to underline that, given the conditions in the European aviation market and information about the operation of XL, the likelihood that the loan guarantee will fall on Eimskip has increased.

Investors to join Eimskip

In the event that Eimskip is required to make payments under its XL loan guarantee, a group of significant investors led by Bjorgolfur Gudmundsson and Bjorgolfur Thor Bjorgolfsson will assume any potential obligation of Eimskip and delay its payment.Furthermore, it is expected that any such claim will subordinate to other claims on Eimskip. Through these actions, the impact of the loan guarantee would be limited on Eimskip’s operation. The total amount of the loan guarantee is EUR 207 million.

Gylfi Sigfússon, CEO of Eimskip:

“A successful refinancing of XL is an important goal in our aim of removing the potential impact of previously-made loan guarantees against Eimskip’s balance sheet and we hope, of course, that the XL refinancing will be completed successfully.However, at the same time we also want to point out that as with any such transaction there is no certainty and it may prove to be more difficult than expected. Even in such circumstances there is now a mechanism in place for significant, well-respected investors to then assume the loan obligation, which the Board of Eimskip believes is very positive.
As we have previuosly announced, Eimskip’s long-term goal is to bring our equity ratio to over 25%. To achieve this goal, we are working on several internal projects in order to lower Eimskip’s debt and strenghten its equity ratio.”

Eimskip - XL Leisure Group?s refinancing not ensured
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Old 10th Sep 2008, 13:32
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ATI- Air Transport Intelligence

Icelandic transport and logistics firm Eimskipafelag Islands (Eimskip) is warning that there is an increasing possibility that it will have to meet loan obligations for travel company XL Leisure Group.
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Old 10th Sep 2008, 16:35
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Another link here:

Internet Travel News - XL survival hopes boosted by Icelandic financiers
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Old 10th Sep 2008, 19:13
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Same news, 180 degrees seperation on what is being said:

Fannie and Freddie bolster Iceland stock exchange | IceNews - Daily News

The OMX Iceland 15 rose by 1.35 percent with all but one listed company increasing in price.
The sole exception was the shipping company, Eimskip, which saw a drop of 16.5 percent amid investor fears that the company’s sale of XL Leisure Group would not complete successfully and that the company would be left responsible for a EUR 141 million (USD 200 million) loan.
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Old 11th Sep 2008, 21:18
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XL not looking good.....

Thousands may be stranded as XL Leisure prepares to declare bankruptcy - Times Online
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Old 11th Sep 2008, 21:30
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friend of mine has been called to go to a meeting tomorrow...
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Old 11th Sep 2008, 21:44
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chico...ground crew or cabin crew? feel free to pm..
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Old 11th Sep 2008, 21:52
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I am booked, and paid, to fly with them on 22nd of this month... Shucks!
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Old 11th Sep 2008, 22:30
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Just been on BBC News 24. The banner says XL files for bankruptcy and the commentary is about a meeting tonight and an announcement due before the morning.

Not looking good.
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