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Old 29th Mar 2008, 00:56
  #41 (permalink)  
Join Date: Feb 2001
Location: AMS
Posts: 374
Don't do it. Don't leave a job for Sky Europe, unless it is worse. Or if it is your first flying job. - Chances are that they fold before your bond is up, so you are free to go after gaining a couple of hours...

If you are looking for something seasonal though, then go to Sky Europe through Parc. - An FO will make 5000 Euro and a Captain 7000 (all plus accommodation, transport, etc).
IRISHPILOT is offline  
Old 3rd Apr 2008, 16:05
  #42 (permalink)  
Join Date: Sep 2005
Location: Italy (sometimes)
Posts: 51
Thank you IrishPilot.
Loud and clear.
I'm going to stay were I am.
Giams is offline  
Old 10th Jun 2008, 09:57
  #43 (permalink)  
Join Date: Apr 2008
Location: London
Posts: 6
Sky Europe

Reading these posts a couple of months ago nearly put me off booking. I'm glad I went ahead. Flights from Luton-Kosice & return were on time, nice aircraft and pretty good leg room. vitrually full both ways. Only down side was the rip off carparking at Luton. £50 for 4 days booked on line. over double the cost for LGW.
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Old 19th Sep 2008, 10:29
  #44 (permalink)  
Join Date: May 1999
Location: Ireland
Age: 46
Posts: 150
Sky Europe

SkyEurope seeks additional funding 19 September, 2008

Euopean low fares carrier Sky Europe is seeking additional finance after securing a 10 million euro loan.

The bridging loan was made available by 29.9% shareholder York Global Finance to help it operate through the winter.

But the airline, which operates from Austria, Czech Republic and Slovakia, is also looking for additional finance, believed to be up to 30 million euros.

International investment bank Rothschild has been appointed “to explore strategic and financing alternatives in order to secure the long term future and success of the airline,” a company statement said.

Sky Europe, established seven years ago, said the loan facility “will help support ongoing working capital and cash flow requirements for the winter flying season”.

The loan demonstrated York’s “continued confidence in SkyEurope’s long-term prospects as the leading low cost airline in central and eastern Europe with strong growing and strategic positions in Bratislava, Vienna and Prague”.

The airline operates 15 Boeing 737-700s on 76 routes to 41 destinations in 19 countries. It carried 3.7 million passengers in the past year. SkyEurope has flights from Birmingham, Luton and Manchester as well as Dublin and Cork.
Shamrogue is offline  
Old 8th Oct 2008, 21:32
  #45 (permalink)  
Join Date: Aug 1999
Location: Dublin, Ireland
Posts: 1,869
SkyEurope investor pulls out?

Apparently a major investor in SkyEurope - Yorks Capital - has pulled out of the airline, which leaves it needing a significant capital injection (estimated at about €70m).

Apologies for the link in German; will try and find another:

SkyEurope: Investor York will jetzt aussteigen |

Anyone want to make a stab at a translation, go right ahead ...

JetPhotos.Net Photo » OM-NGF (CN: 32680) SkyEurope Airlines Boeing 737-76N by John Fitzpatrick
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Old 8th Oct 2008, 21:50
  #46 (permalink)  
Join Date: Aug 2006
Location: Berlin
Posts: 4
Well it basically states, that the situation concerning SkyEurope is getting more and more serious concerning their financial situation. That the airlines has trouble paying their bills and the Investor "York" who recently supported them with a loan wants to pull out of the airline.

Potential investors were asked by the Rothschild Bank to make an offer until Tuesday this week to either take over the airline or buy a part of it. However, the newspaper (Kurier) states that chances are slim and that an investor would need to throw in an additional 70 Million Euros, on top of the money to buy SkyEurope.

Doesn't look good I suppose. Sorry for my poor english, I'm just a lil tired. Hope it helps.

Best Regards
A330-300 is offline  
Old 8th Oct 2008, 22:44
  #47 (permalink)  
Join Date: Apr 2008
Location: World
Posts: 89
Apparently because the Sky Europe's share price fell significantly, this investor (holding 29.9%) want to pull out, if they can find a replacement. There are a few interested investors but nothing is for sure. Thats as much as I understand. Hope it helps.

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Old 9th Oct 2008, 16:49
  #48 (permalink)  
Join Date: Jul 2008
Location: London
Posts: 92
"Investor pulls out"......hopefully not!


"SkyEurope CEO insists main investor still committed to carrier

Eastern European budget operator SkyEurope Airlines is insisting that its central investor, York Capital, has not indicated any intention to withdraw funding from the airline and is still committed to the carrier.
SkyEurope chief executive Jason Bitter tells ATI,'s sister premium news source, that "every indication" from York - which agreed a €10 million loan to the airline last month - is that the company is "still very much engaged".
"They want to see this through," he says, suggesting that York would not have agreed further funding if it was intending to withdraw it.
An Austrian press report claims today, without citing sources, that York is seeking an exit.
Bitter points out that, as previously stated by the carrier, York's latest funding amounts to a bridging loan and that, as such, it will be "bridging to something".
Investment bank Rothschild has been called in to assess potential financing alternatives, but Bitter declines to disclose any specific options under consideration.
While he concedes that the airline's business has had a "rough go", notably as a result of fuel prices and credit-card processing issues, he insists that SkyEurope has "no problems" with its lessors - notably its main source of aircraft, GECAS.
York Capital could not immediately be reached for comment."

from FlightGlobal
goaroundnow is offline  
Old 9th Oct 2008, 20:08
  #49 (permalink)  
Join Date: Jul 2008
Location: London
Posts: 92

I totally agreee. This newspaper article was factless and spiteful. Clearly influenced by another Austrain carrier - my guess would be Niki, given the Austrians' obsession by a "national hero." There was nothing new or substantiated in it. Everybody in the "know" is aware that Sky needs cash as do a lot of airlines - nothing special or terminal (at this stage.) Some of the quotes and incidents mentioned are old news and do not tell the whole story (i.e. the aircarft kept in the UK.)

Maybe FlyNiki (who I bet are behind this) should start worrying about problems closer to home. This is to say that they have very close financial ties with AirBerlin who do not exactly have the sun shining out of their backsides at the moment!!
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Old 9th Oct 2008, 21:30
  #50 (permalink)  
Join Date: Nov 2001
Location: London Whipsnade Wildlife Park
Posts: 4,468

Good Luck chaps. the road ahead for all airlines is going to be turbulent!
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Old 13th Oct 2008, 14:48
  #51 (permalink)  
Join Date: Apr 2008
Location: London
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Good luck. Iv'e only flown with you once ( only been to Slovakia once , so that's 100% ).Very impessive operation from a SLF perspective. Hopefully you will survive the tough times and come out OK.
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Old 15th Oct 2008, 12:08
  #52 (permalink)  
Join Date: Jul 2008
Location: London
Posts: 92
A way forward?

SkyEurope Holding AG in discussions with shareholder York Global Finance II S.a.r.l for 100% sale of Operating Subsidiary
Bratislava/Vienna 14 October 2008 – As announced on 18 September, SkyEurope Holding AG ("SkyEurope" or "the Company") appointed Rothschild to explore strategic and financing alternatives in order to secure the future and success of the airline. The focus of Rothschild’s work has been and continues to be to search for an investor in or purchaser of the airline. To date, Rothschild has received several preliminary expressions of interest but only one concrete proposal, from SkyEurope's largest shareholder York Global Finance II S.à.r.l. ("York"). York has proposed acquiring for a nominal purchase price all the shares in SkyEurope's operating company, SkyEurope Airlines a.s., and a 3 % share in SkyEurope Hungary Asset Management Limited Liability Company. York will also assume SkyEurope Airlines a.s.' liabilities and certain liabilities of the Company. While Rothschild and the Company will continue to look for alternative investors who might ascribe a higher value to the Company's airline business, the board of SkyEurope has decided that the future of the airline is best served by entering into negotiations with York on the basis of its proposal whilst remaining open for negotiations based on any other concrete proposals in the best interest of the Company. Once completed, the transaction would be followed by a significant capital injection by York to satisfy SkyEurope Airline a.s.’ liquidity needs. The transaction is subject to negotiation, corporate approvals (a notice for an Extraordinary General Meeting will be sent to shareholders shortly) and regulatory approvals.

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Old 18th Oct 2008, 11:30
  #53 (permalink)  
Join Date: Jan 2006
Location: Europe
Posts: 10
The best thing would be if Mr.Bitter resignes. He must write here what he is paid for but people working hard inside the company are really scared of future. Just wondering:
-salaries on time?
-full amount?
-any idea how many pilots already applied elswhere?
I just hope for them the situation will be solved soon and company sold but it is still harder to believe right now.
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Old 20th Oct 2008, 18:20
  #54 (permalink)  
Join Date: Jul 2008
Location: London
Posts: 92
If you work for SkyEurope you should know the answers to your questions (except about Bitter.) If you do not work for them, you should mind your own business!!
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Old 1st Nov 2008, 00:35
  #55 (permalink)  
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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



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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Old 5th Nov 2008, 15:11
  #56 (permalink)  
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10 mmn euro loan

York Global Finance have given SkyEurope one extra week to find the 10 mn euros to repay a loan. SkyEurope therefore need to find the money by 12 November.

No mention has been made of the other 15mn euros which needs to be paid on 22 November.

Presseportal: SkyEurope Holding - euro adhoc: SkyEurope Holding / other / SkyEurope announces that the EUR 10 million loan becomes due and payable on 12 November 2008.
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Old 5th Nov 2008, 15:51
  #57 (permalink)  
Join Date: Feb 2007
Location: UK
Posts: 1,382
I hate to say it but I will. It is looking bad for Sky Europe. I take it if the don't come up with the cash by the 12th. The lender will end up seizing there assets to cover the cost of the loan.

Does anyone know if NE owes money at any airport they fly to for ground services, ATC, fuel etc. Also are the keeping up with the payments on their GECAS leased aircraft. One of which, OM-NGH was put into storage last month.
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Old 5th Nov 2008, 16:37
  #58 (permalink)  
Join Date: Sep 2008
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York Global Finance

It is not impossible that York are simply following this strategy as a way of gaining 100% of the shares on the cheap. York are essentially a hedge fund - their website says they have US$16 bn under management. The York Global Finance fund which is involved here will have a significantly smaller amount of capital to play with.

On numerous European stock exchanges (I don't know about Vienna) if one purchases more than 30% of the shares of a company in a relatively short period of time - e.g. one year - one is obliged to make a formal offer for ALL the shares of the company. Those owning the other 70% of shares are of course free to decline your offer to purchase the shares.

York currently own 29.9% of the shares, and the airline has borrowed 25 mn euros from York. If SkyEurope are unable to pay the loan, York can then require the company be put into administration. They can then buy the company from the administrators without having pay a cent to the other shareholders.

For existing senior management and all shareholders apart from York, they have probably lost out. For York, it's time to decide - do they want to seize control of the company and make it profitable before selling it on in 2 years time, or do they want to walk away and just get back perhaps 50% of the value of the loans from bankruptcy proceedings ?
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Old 5th Nov 2008, 23:53
  #59 (permalink)  
Join Date: Jul 2006
Location: Europa
Posts: 1,440
But aren't Sky Europe owed loads of money by some credit card company?
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Old 6th Nov 2008, 15:06
  #60 (permalink)  
Join Date: Dec 2005
Location: Leicester UK
Posts: 68
Rumoured to be interested in Olympic. Not sure whether this would be the case in their current predicament.

Greece says 13 groups express interest in Olympic Air | Reuters

Edit - I see the link no longer says "Sky Europe" but "York Capital".
Wiggly Bob is offline  

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