SkyEurope
Sky Europe are tops
Found 10 million temporarily
Looks like SkyEurope have found EUR 10 million for the time being:
Google on Longstock SAPO doesn't throw up anything relevant without referring to this loan. Possibly a different company has set up Longstock just for the purpose of its loan to SkyEurope - if anyone knows who is actually behind Longstock.... do tell
If SkyEurope are losing as much money as they have been in the past, they need some kind of transformative action to take place soon - insted of trying to simply stave off bankruptcy
SkyEurope Holding AG announces that its 100% subsidiary SkyEurope Airlines a.s. has agreed with Longstock SAPO Limited, a limited liability company with itsregistered offices in Gibraltar, on a bridge loan facility of EUR 10 million inits favour in light of a possible future equity injection into SkyEurope HoldingAG by Longstock SAPO Limited.
If SkyEurope are losing as much money as they have been in the past, they need some kind of transformative action to take place soon - insted of trying to simply stave off bankruptcy
Last edited by davidjohnson6; 12th Dec 2008 at 09:32.
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Longstock SAPO Limited is a new company with partners Longstock of Lisbon and SAPO International of Athens. The new company will seek to control, with management consenting, the airline, and provide additional necessary capital for a restructuring. Longstock is an old airline business and SAPO is in yacht leasing, backed by Dubai funds.
It seems that a firm and lasting plan is in place.
It seems that a firm and lasting plan is in place.
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Last day today?
Have heared that GEACS pulled back 3 737 last week and another 6 today, plus schedules are completely messy today with a lot of flights not operating out of VIE and others delayed for hours. Is this the end of SkyEurope or is my source unreliable?
rolibkk - your source seems to have at least some good information
http://www.flightglobal.com/articles...-aircraft.html
SkyEurope's side of the story...
EURO ADHOC: SKYEUROPE HOLDING OTHER LEASES FOR GECAS AIRCRAFT TERMINATED, DEADLINE FOR THE LONGSTOCK SAPO BRIDGE FINANCING EXTENDED AND LIQUIDITY ENHANCED THROUGH RELEASE OF FUNDS FROM CREDIT CARD SALES :: WIRTSCHAFT & BÖRSE
http://www.flightglobal.com/articles...-aircraft.html
SkyEurope's side of the story...
EURO ADHOC: SKYEUROPE HOLDING OTHER LEASES FOR GECAS AIRCRAFT TERMINATED, DEADLINE FOR THE LONGSTOCK SAPO BRIDGE FINANCING EXTENDED AND LIQUIDITY ENHANCED THROUGH RELEASE OF FUNDS FROM CREDIT CARD SALES :: WIRTSCHAFT & BÖRSE
Last edited by davidjohnson6; 9th Jan 2009 at 14:22.
I know that having airframes seized is a bad sign of the health of an airline, but can any of the financial bods out there tell me how bad this actually is ?
Ignoring the USA (where they just wave a magic wand, recite the spell 'Chapter 11', and all is well again), is leased airframe seizure one of the last things that happens before flying ceases completely, or do airlines sometimes still carry on for an extended period of time after this ?
SkyEurope are up a creek - but do they have a paddle ?
Ignoring the USA (where they just wave a magic wand, recite the spell 'Chapter 11', and all is well again), is leased airframe seizure one of the last things that happens before flying ceases completely, or do airlines sometimes still carry on for an extended period of time after this ?
SkyEurope are up a creek - but do they have a paddle ?
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Nobody should forget that Skyeurope has burned millions of taxpayers money,since the founding was financed by the European Bank for Construction-which is a tax-based finance-institution financing economic projects in the eastblock..
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SkyEurope 737 lease termination prompts flight delays
SkyEurope 737 lease termination prompts flight delays
Simon Warburton, London (09Jan09, 16:59 GMT, 238 words)
SkyEurope Airlines is experiencing delays at its central European bases after six of its 14 Boeing 737-700s were taken back by the lessor.
The aircraft have gone back to US supplier GE Commercial Aviation Services (GECAS), which terminated the leases yesterday.
SkyEurope Airlines chief financial officer Nick Manoudakis tells ATI: "Nobody has been left stranded, [but] there are some delayed flights. What we have done is replace some of our missing units with support capacity, primarily on a wet-lease basis.
"Unfortunately, we did not have a whole lot of time, so that caused some delays. The wet-leases have come from various operators, but mainly Air Slovakia."
Manoudakis declines to comment on the circumstances surrounding the return of the 737s to GECAS, stating only that it was "contractual".
Hinting that current market conditions could make the acquisition of replacement aircraft easier, Manoudakis says: "The market is a bit softer now, so we will just sit down and look at it as an opportunity."
He concedes that "a couple of people are a bit edgy", but insists that as long as "nobody panics" SkyEurope will weather the storm.
"It is not an easy situation but as far as I know it is business as usual," says Manoudakis. "The biggest risk we thought might be reactions from other suppliers, but that seems to be okay. The company is looking for investment, but I am confident this particular incident can be contained."
Source: Air Transport Intelligence news
Simon Warburton, London (09Jan09, 16:59 GMT, 238 words)
SkyEurope Airlines is experiencing delays at its central European bases after six of its 14 Boeing 737-700s were taken back by the lessor.
The aircraft have gone back to US supplier GE Commercial Aviation Services (GECAS), which terminated the leases yesterday.
SkyEurope Airlines chief financial officer Nick Manoudakis tells ATI: "Nobody has been left stranded, [but] there are some delayed flights. What we have done is replace some of our missing units with support capacity, primarily on a wet-lease basis.
"Unfortunately, we did not have a whole lot of time, so that caused some delays. The wet-leases have come from various operators, but mainly Air Slovakia."
Manoudakis declines to comment on the circumstances surrounding the return of the 737s to GECAS, stating only that it was "contractual".
Hinting that current market conditions could make the acquisition of replacement aircraft easier, Manoudakis says: "The market is a bit softer now, so we will just sit down and look at it as an opportunity."
He concedes that "a couple of people are a bit edgy", but insists that as long as "nobody panics" SkyEurope will weather the storm.
"It is not an easy situation but as far as I know it is business as usual," says Manoudakis. "The biggest risk we thought might be reactions from other suppliers, but that seems to be okay. The company is looking for investment, but I am confident this particular incident can be contained."
Source: Air Transport Intelligence news
but can any of the financial bods out there tell me how bad this actually is ?
You will get leases but you will have to pay up front and at a premium.
Additionally you may find that airports require you to pay fees up front for landing fees and fuel and potentially seize aircraft where these are unpaid.
Bottom line is you need a good line of credit who will support you while you get a decent business plan or investor on board.
Hopefully they will survive but it will be tight for a couple of months.
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Wizz Air announce new base in PRG
Wizz have just announced they will open a base in PRG this summer. I think they plan to start flying to PRG earlier than that. That's not going to help Sky.
Peter Paul
I didn't bring up the issue of Skyeurope failing as that was posted by someone else regarding their issues with loans that were due in Dec. I suggested perhaps FR may take them over but that theory was quickly shot down which I accepted. Think I have wished them well a few time and hoped they survive.
It was asked by DavidJohnson6 on 9th jan how bad it could be financially following aircraft being seized and I responded with some of the implications for any airline......this is pretty generic to any airline.
Now you may think thats thrashing them but again can you answer these questions.
1.) Do you believe a lease company will give an airline that appears to have cash problems a lease of favourable terms with lots of credit.
2.) Do you believe that an Airport will give an airline similar.
Lets get out of the personal stuff and look at the way the industry will behave.
I didn't bring up the issue of Skyeurope failing as that was posted by someone else regarding their issues with loans that were due in Dec. I suggested perhaps FR may take them over but that theory was quickly shot down which I accepted. Think I have wished them well a few time and hoped they survive.
It was asked by DavidJohnson6 on 9th jan how bad it could be financially following aircraft being seized and I responded with some of the implications for any airline......this is pretty generic to any airline.
Now you may think thats thrashing them but again can you answer these questions.
1.) Do you believe a lease company will give an airline that appears to have cash problems a lease of favourable terms with lots of credit.
2.) Do you believe that an Airport will give an airline similar.
Lets get out of the personal stuff and look at the way the industry will behave.
Back on topic
Sky Europe have continued to operate using a mixture of sub-chartered aircraft from Dubrovnik Airline, Seagle Air, Air Slovakia and at least two others.
Obviously Sky have managed to convince these sub-charterers that they will be paid, or they have the resources to pay up-front.
Obviously Sky have managed to convince these sub-charterers that they will be paid, or they have the resources to pay up-front.
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Now tell me that using these sub-chartered machines can be profitable for the low-cost airline during the low season and will not worsen its debt-haunted economy?! Must be just cash burning, nothing else! Who's paying for that?