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Stobart Air-2

Old 18th Mar 2020, 17:21
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Stobart Air holding company falls into administration
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Old 18th Mar 2020, 19:11
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What does this mean for Aer Lingus Regional?
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Old 18th Mar 2020, 20:16
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Originally Posted by DUB19 View Post
What does this mean for Aer Lingus Regional?
Nothing. Connect Airways have been in administration since 10th March, Stobart Air and the Aer Lingus Regional routes have not affected by the administration at all.
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Old 19th Mar 2020, 09:34
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Connect Airways controlled 49% of Stobart Air which technically the 49% sits with EY, the administrators.

They are talking I believe but doesn't say specifically what.
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Old 19th Mar 2020, 17:02
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So there are no guarantees then. Given what is going on right now I doubt that Aer Lingus will be able to prop them up. Perhaps they'll have to explore some sort of government buy out?
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Old 19th Mar 2020, 18:40
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Originally Posted by Sharklet_321 View Post
Perhaps they'll have to explore some sort of government buy out?
If you mean the Irish government there is not a snowballs chance of that happening. Its not detrimental to the running of the Irish economy or Irish society in a major way.
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Old 19th Mar 2020, 20:04
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Originally Posted by Sharklet_321 View Post
So there are no guarantees then. Given what is going on right now I doubt that Aer Lingus will be able to prop them up. Perhaps they'll have to explore some sort of government buy out?
Or just get Cityjet to replace them on the Aer Lingus regional contract.
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Old 19th Mar 2020, 20:31
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PDXCWL45 now that would be interesting
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Old 20th Mar 2020, 10:38
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Originally Posted by PDXCWL45 View Post
Or just get Cityjet to replace them on the Aer Lingus regional contract.
Im sure they would be bidding for it once the contract was up for renewal anyway so could be a good shout.
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Old 20th Mar 2020, 11:38
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Was the EI Regional work not ring fenced to avoid this exact type of scenario? I seem to remember Willy Walsh confirming as much in a recent interview. When EI was a listed company and embarked on the EI Regional tie up with Stobart I think there was a complex sale and leaseback agreement of which EI took a stake. I don't know if EI sold its stake in Propius but in anycase there would be no shortage of takers to fly the routes when demand returns if it unfolds that Stobart is unable to operate the regional work.

https://www.independent.ie/business/...-35358314.html
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Old 20th Mar 2020, 19:25
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Originally Posted by MCDU2 View Post
Was the EI Regional work not ring fenced to avoid this exact type of scenario? I seem to remember Willy Walsh confirming as much in a recent interview. When EI was a listed company and embarked on the EI Regional tie up with Stobart I think there was a complex sale and leaseback agreement of which EI took a stake. I don't know if EI sold its stake in Propius but in anycase there would be no shortage of takers to fly the routes when demand returns if it unfolds that Stobart is unable to operate the regional work.

https://www.independent.ie/business/...-35358314.html
I believe Stobart group bought out the EI stake some time later

Good shout on Cityjet if they are still around they previously tried to tie up with Stobart in the past
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Old 22nd Mar 2020, 09:29
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Originally Posted by SWBKCB View Post
Anybody heard from Mr Tinkler?
what has tinkler got to do with things?
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Old 10th Apr 2020, 11:40
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The board of Aer Lingus Regional operator Stobart Air is locked in crunch talks with financial advisers, thrashing out options to save the business, the Irish Independent has learned.

Sources close to the situation said "all options are on the table", including potentially seeking court protection through an examinership if the board and independent accountants believe the company meets the criteria.

The situation creates major uncertainty for remaining workers at the Dublin-based airline, which before the coronavirus pandemic employed about 450 staff.
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Old 15th Apr 2020, 07:48
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From The Irish Times, 15th April 2020

Stobart is likely to seek protection from creditors and ask the High Court to appoint an examiner in coming days in a bid to extricate the business from difficulties it faces as a result of the travel bans that have grounded passenger flights. It is understood that the airline will apply to the court this week, or possibly next, depending on several factors.
https://www.irishtimes.com/business/...tion-1.4228950

JAS
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Old 16th Apr 2020, 18:30
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“The company confirms that it is reviewing all options in relation to the future of Stobart Air and Propius during this unprecedented time including the possibility of acquiring the businesses from the administrators,” Stobart Group says in a stock market statement, noting Stobart Air or Propius are not themselves currently in administration.

”A range of discussions are ongoing and there is no certainty that any transaction will take place,” it says. ”The board of Stobart Group believes that Stobart Air and Propius have a viable future after COVID-19 and that by working with Aer Lingus as franchise partner it can place the business on a secure footing and manage the impact of guarantee obligations in a controlled manner.”

Flight - Stobart Group ponders move to buy back regional operator
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Old 16th Apr 2020, 20:30
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I think you will find that this is Stobart Group trying to avoid the administrators of Connect calling in the Stobart Group guarantees for the sale and leaseback deal on the ATRs. The guarantees could easily bring Stobart Group to its knees if the administrator was to push for an immediate cash call.
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Old 20th Apr 2020, 00:42
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Originally Posted by asdf1234 View Post
I think you will find that this is Stobart Group trying to avoid the administrators of Connect calling in the Stobart Group guarantees for the sale and leaseback deal on the ATRs. The guarantees could easily bring Stobart Group to its knees if the administrator was to push for an immediate cash call.
well that won't be happening anytime soon .. if there was ever a time to take the proverbial in business. this is it ...
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Old 23rd Apr 2020, 20:55
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Stobart Group agrees to buy 49pc stake of Stobart Air for over 340,000

The UKs Stobart Group has sealed a deal to buy a 49pc stake and effective control of Dublin-based Stobart Air for between 300,000 and 400,000 (343,000 and 457,000).
https://www.independent.ie/business/...-39151870.html

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Old 24th Apr 2020, 12:25
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It's not effective control as the employee trust conyrol 51% I don't see how either party can expect to inject further funds to the airline in the forseeable future
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Old 27th Apr 2020, 12:00
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https://uk.advfn.com/stock-market/lo...Air-a/82310366
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