SkyEurope
it is now only question of time..
Join Date: Mar 2003
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SkyEurope has filed for the Slovak version of Chapter 11 insolvency today:
EANS-Adhoc: SkyEurope Holding / Restrukturierungsverfahren der operativen slowakischen Tochtergesellschaft SkyEurope Airlines a.s. - News - FOCUS Online
Sorry, only in German.
EANS-Adhoc: SkyEurope Holding / Restrukturierungsverfahren der operativen slowakischen Tochtergesellschaft SkyEurope Airlines a.s. - News - FOCUS Online
Sorry, only in German.
Join Date: Sep 2001
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From the press release
I bet this statement is some comfort to those employees who have not been paid for a while.
And it is good for our
employees because it allows us to preserve and protect jobs.
employees because it allows us to preserve and protect jobs.
Join Date: Jul 2005
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Sky Europe - first European airline in 'chapter 11' ?
Seems like this hasn't been picked up here yet, but it looks like we've got the first (at least to my knowledge) 'Chapter 11' airline in Europe. According to reports in Austrian media and also a msg on their own website, they have been offered creditor protection during a 'phase of re-organization' under Slovak law. Sounds like some recent changes in bankruptcy legislation are starting to kick in this side of the pond....
Join Date: Nov 1999
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It's interesting to look back at the reasons for postponement of the publication of the annual results, for example on May 15:
(thanks to davidjohnson6's earlier post for the link).
In fact, from the annual report released today (PDF), we can see (pages 97-98) that already on 24 April their auditors, KPMG, had issued an adverse audit opinion, stating that there were insufficient grounds for considering the company to be a going concern and that the company's valuation of its assets was unjustifiable.
"Assess certain material estimates" is certainly a vague enough way of describing this...
SkyEurope Holding AG´s management continues to assess certain material estimates in connection with these annual financial statements
In fact, from the annual report released today (PDF), we can see (pages 97-98) that already on 24 April their auditors, KPMG, had issued an adverse audit opinion, stating that there were insufficient grounds for considering the company to be a going concern and that the company's valuation of its assets was unjustifiable.
"Assess certain material estimates" is certainly a vague enough way of describing this...
The biggest concern for any party with which SkyEurope is in talks about raising funds, is that the auditor has given an *Adverse Opinion*.
In audit-speak, this means that the accountants are pretty much stating that the accounts as presented are largely misleading and do not come close to presenting a fair picture of the accounts.
SkyEurope is pretty much in the hands of the bankruptcy court. A company filing for bankruptcy need not be the end of the world - most of the major carriers in North America have been through this since 2001 and come out the process largely unscathed.
In this instance, the court will not be impressed by such a statement from the auditors and is likely to be rather more cautious in accepting the statements of management regarding future plans for the airline during bankruptcy proceedings.
In audit-speak, this means that the accountants are pretty much stating that the accounts as presented are largely misleading and do not come close to presenting a fair picture of the accounts.
SkyEurope is pretty much in the hands of the bankruptcy court. A company filing for bankruptcy need not be the end of the world - most of the major carriers in North America have been through this since 2001 and come out the process largely unscathed.
In this instance, the court will not be impressed by such a statement from the auditors and is likely to be rather more cautious in accepting the statements of management regarding future plans for the airline during bankruptcy proceedings.
... there were insufficient grounds for considering the company to be a going concern and that the company's valuation of its assets was unjustifiable.
Join Date: Oct 2006
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impounded aircraft
I understand the aircraft was released on Tuesday afternoon and is now back in service after a threat of legal action by Sky Europe as the airline is under creditor protection which is covered by all EU countries which includes the French! Apparently they had no right to impound the aircraft but when do the French accept EU laws - only I suggest when it suits them!
Posession in 9/10's of the law and in a similar position I would hold onto the aircraft until payment received.
Yup you can do whatever court action you want BUT if Airport decides Sky Europe people or crew can not take the aircraft then take it up in court. I would expect the procedure to follow standard commercial court procedures.......i.e. Santa Claus will be here first.
Yup you can do whatever court action you want BUT if Airport decides Sky Europe people or crew can not take the aircraft then take it up in court. I would expect the procedure to follow standard commercial court procedures.......i.e. Santa Claus will be here first.
Join Date: Aug 2008
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Advice sought....
I am due to fly MAN to Bratislava on Aug 6th, I believe Air Slovakia are currently doing that service for Sky Europe, "IF" Sky don't continue would AS continue the route?
Or am I just better finding an alternate way of getting there. (Its my stag weekend so can't be missed!!!)
I am due to fly MAN to Bratislava on Aug 6th, I believe Air Slovakia are currently doing that service for Sky Europe, "IF" Sky don't continue would AS continue the route?
Or am I just better finding an alternate way of getting there. (Its my stag weekend so can't be missed!!!)
Join Date: Apr 2009
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August is still too far, no one can tell what will happen. Depending how important the weekend is, you have to decide whether you want to go for sure or you want to have some excitment
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