SkyEurope
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SkyEurope has announced that two loans granted them by York Global Finance (EUR 15 million loan granted in December 2007 and the EUR 10 million loan from September 2008), have been extended to 15 December 2008. In accordance with the loan agreements, both loans were previously due for repayment on 22 November 2008.
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SkyEurope reported Friday that its net loss for its business year running until the end of September more than doubled to 59.4 million euros, as results were affected by high fuel prices. As of September 30, the budget carrier's cash reserves amounted to 1.3 million euros, down from 11.6 million euros in 2007. Operating losses widened to 56.1 million euros, from a loss of 20.9 million euros in the previous business year. Sales increased by 10.5 per cent to 260.9 million euros, but SkyEurope paid 67.1 per cent more for its fuel in the business year, ending in September, than in the previous accounting period.
Now by December 15th they'll have to re-pay EUR 25 million... will York Global Finance take over control?
Now by December 15th they'll have to re-pay EUR 25 million... will York Global Finance take over control?
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Don't count your chickens before they are hatched, give SkyEurope a chance.
Anyway, I do not believe FR were keen to take NE over with its planes and debts. They might wait for a vacuum in CE Europe to fill it themselves. The airports (like Bratislava) having lost the important carrier are also more inclined to negotiate, passengers are searching the replacement for their routes... that's what Ryanair is certainly expecting.
Anyway, I do not believe FR were keen to take NE over with its planes and debts. They might wait for a vacuum in CE Europe to fill it themselves. The airports (like Bratislava) having lost the important carrier are also more inclined to negotiate, passengers are searching the replacement for their routes... that's what Ryanair is certainly expecting.
I hope they survive but given the current state of the market and funding there has to be a real risk. In Ryanair's case there is the opportunity to pick up routes / services and people so they might do it......they did with Buzz.
SkyEurope isn't over until York play their hand. If York decide they want to own an airline and can get the regulatory aspect arranged, SkyEurope will survive.
The loan from York lasts to 15 December - and one imagines that flying is profitable over Xmas. It seems unlikely flying would stop before Monday 5 January. As to post 5 Jan, I guess it's up to York to decide.
Apart from Bratislava, NE's 2 biggest bases are Prague and Vienna. I doubt that Prague will offer MOL cheap fees (could Pardubice ever become Prague-East ?), and I'm even more doubtful that Vienna will offer the cheap fess that MOL so craves.
The loan from York lasts to 15 December - and one imagines that flying is profitable over Xmas. It seems unlikely flying would stop before Monday 5 January. As to post 5 Jan, I guess it's up to York to decide.
Apart from Bratislava, NE's 2 biggest bases are Prague and Vienna. I doubt that Prague will offer MOL cheap fees (could Pardubice ever become Prague-East ?), and I'm even more doubtful that Vienna will offer the cheap fess that MOL so craves.
Last edited by davidjohnson6; 29th Nov 2008 at 22:18. Reason: Correct typo and add about Pardubice
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flying is profitable over Xmas
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FR
Racedo,
Given number of new a/c Ryanair have on order, no earthly reason for them to have to buy up ailing airlines - you just wait until replacement opportunities come along, and they're coming thick and fast at present.
Given number of new a/c Ryanair have on order, no earthly reason for them to have to buy up ailing airlines - you just wait until replacement opportunities come along, and they're coming thick and fast at present.
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Back in the summer we booked flights with Sky Europe to go from LTN to BTS in Feb '09. At the time they were offering 3 flights per day and we chose the early flight. In October they cancelled that flight and transferred us onto lunch time flight. Today they have cancelled the lunch flight and offered us the bed time flight. In October they offered a money back deal, if they offer it again I think I will take it!
Bearpit
I agree but if you buy an ailing airline you get access to their bookings and while probably not that substantial you can also email every single person who ever flew with them and do a seamless transition with aircraft handed back to the lease company.
Additionally in the case of Ryanair as they are in the longer term market for new planes then having some A319/320's to fool around with ensure Boeing play ball on price especially when Ryanair engineers are making the right noises about how wonderful the airbus products are everytime a Boeing rep is visiting.
I agree but if you buy an ailing airline you get access to their bookings and while probably not that substantial you can also email every single person who ever flew with them and do a seamless transition with aircraft handed back to the lease company.
Additionally in the case of Ryanair as they are in the longer term market for new planes then having some A319/320's to fool around with ensure Boeing play ball on price especially when Ryanair engineers are making the right noises about how wonderful the airbus products are everytime a Boeing rep is visiting.
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I posted on terms & endearments that it has been reported on ppjn.com that flight crew not paid for 3 months. Another contributor said as far as he knew this was true of Air Slovakia but that SE had paid last month albeit late. You can't really run a company using unpaid salaries as working capital, so I hope the posting on ppjn was just a disgruntled late paid employee rather than an accurate statement of the situation. With this magnitude of loss, cutting and running is not a very sensible long term investment, but picking up the bill will not be too tempting either. A would be a shame to go under now that oil (for however long) has come down to the current level.
I heard a story a while back that they tried to sell out to Ryanair & that the response had predictably been
" nah, we will just wait for you to go bust then move in & take over your business"
. I can see no earthly reason for a softening of that attitude, quite the contrary.
I heard a story a while back that they tried to sell out to Ryanair & that the response had predictably been
" nah, we will just wait for you to go bust then move in & take over your business"
. I can see no earthly reason for a softening of that attitude, quite the contrary.
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Originally Posted by racedo
I agree but if you buy an ailing airline you get access to their bookings and while probably not that substantial you can also email every single person who ever flew with them and do a seamless transition with aircraft handed back to the lease company.
Additionally in the case of Ryanair as they are in the longer term market for new planes then having some A319/320's to fool around with ensure Boeing play ball on price especially when Ryanair engineers are making the right noises about how wonderful the airbus products are everytime a Boeing rep is visiting.
Additionally in the case of Ryanair as they are in the longer term market for new planes then having some A319/320's to fool around with ensure Boeing play ball on price especially when Ryanair engineers are making the right noises about how wonderful the airbus products are everytime a Boeing rep is visiting.
And some A319s/A320s to fool around with? Please! You think Ryanair didn't already get a good enough deal from Boeing for the foreseeable future? Are you suggesting that a few inherited A319s will somehow make Boeing "play ball on price" but the prospect of losing a further hypothetical Ryanair order to a very motivated and aggressive Airbus Industrie (as happened a few years back with easyJet, until then a dyed-in-the-wool 737 operator) won't?
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Latest numbers don't make for good reading:
SkyEurope’s November passenger numbers declined by 22.8% to 219,590, following a 21.4% cut in capacity, while load factor was down 1.2pp at 68.4%. On a rolling 12-month basis passenger numbers increased by 4.8% to 3.67m, but load factor dropped 7.6pp to 73%.
Those are poor numbers compared to virtually all other locos.
SkyEurope’s November passenger numbers declined by 22.8% to 219,590, following a 21.4% cut in capacity, while load factor was down 1.2pp at 68.4%. On a rolling 12-month basis passenger numbers increased by 4.8% to 3.67m, but load factor dropped 7.6pp to 73%.
Those are poor numbers compared to virtually all other locos.
I agree they do look depressing and given the move Eastwards of their destinations over last 2 years they look like they seeking a market to survive it.
Wish them luck but Pax number don't look good.
Wish them luck but Pax number don't look good.
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sky europe passenger numbers
I agree the numbers are not very impressive but remember it is not how many passengers you fly it is what they paid for their tickets. Let us hope like you that they succeed because it is not good for competition for just four or five low cost airlines in the whole of Europe.
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SkyEurope did not move Eastwards over the recent years. Looking geographically, they moved more to South-West, e.g. CEO Jason Bitter has terminated the base in Krakow and shifted its planes to Vienna.
Two airlines get easily confused. It's Wizz that started flights to e.g. Ukraine and Bulgaria. Sky tried to seek other solutions, but it didn't work. Concerning the fares, they are very low nowadays.
Two airlines get easily confused. It's Wizz that started flights to e.g. Ukraine and Bulgaria. Sky tried to seek other solutions, but it didn't work. Concerning the fares, they are very low nowadays.
SkyEurope did not move Eastwards over the recent years.
SkyEurope had lots of flights from UK and Ireland pulled back very quickly from that hence my Eastwards comment but agree saying South West may have been better
