EasyJet-5
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Am I right that the other Easy companies belong entirely to Stelios, and are any of them profitable in normal times. Or is he dependant of dividends from Easy to keep the others afloat?
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JSCL
The CCFF is the government - it's a state fund run by the Bank of England.
https://www.bankofengland.co.uk/news...ncing-facility
The CCFF is the government - it's a state fund run by the Bank of England.
https://www.bankofengland.co.uk/news...ncing-facility
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JSCL
The CCFF is the government - it's a state fund run by the Bank of England.
https://www.bankofengland.co.uk/news...ncing-facility
The CCFF is the government - it's a state fund run by the Bank of England.
https://www.bankofengland.co.uk/news...ncing-facility
This is 100% demonstrating every avenue other than a bailout of any description.
Join Date: Sep 2012
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Another day and Sir Stelios continues along the warpath against the rest of the board, now threatening legal action if they continue to pay Airbus whilst defaulting on other obligations...
https://www.edinburghnews.scotsman.c...ounded-2533129
https://www.edinburghnews.scotsman.c...ounded-2533129
Another day and Sir Stelios continues along the warpath against the rest of the board, now threatening legal action if they continue to pay Airbus whilst defaulting on other obligations...
https://www.edinburghnews.scotsman.c...ounded-2533129
https://www.edinburghnews.scotsman.c...ounded-2533129
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He’s a monster to work with. This is why entrepreneurs need to move on. He founded so many easy companies, all of which failed with the exception of easyJet which he sold off and got in a proper management team to run. It’s not his own personal plaything anymore. He continues to behave like a giant hairy baby, it’s sub optimal for sure.
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He’s a monster to work with. This is why entrepreneurs need to move on. He founded so many easy companies, all of which failed with the exception of easyJet which he sold off and got in a proper management team to run. It’s not his own personal plaything anymore. He continues to behave like a giant hairy baby, it’s sub optimal for sure.
The current fleet they’ve got will definitely see them through for the foreseeable future and the sensible, and moral, thing to do would be to cancel the majority, if not all, of this order. The credit facility they’ve gained will need to be paid back and should be their priority. They can and should be working to reduce their order, defer it or whatever else is required. It seems fair to assume they should be focusing on staying in business..
It might well be that someone else comes along and says there is clear logic for maintaining their order with Airbus whilst struggling with their other financial obligations but I cannot see a strong case.
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Whilst you’re not wrong in what you’re saying, because he is a complete pain in the rear and like a dog with a bone, I do think he is correct with the major issue regarding aircraft orders.
The current fleet they’ve got will definitely see them through for the foreseeable future and the sensible, and moral, thing to do would be to cancel the majority, if not all, of this order. The credit facility they’ve gained will need to be paid back and should be their priority. They can and should be working to reduce their order, defer it or whatever else is required. It seems fair to assume they should be focusing on staying in business..
It might well be that someone else comes along and says there is clear logic for maintaining their order with Airbus whilst struggling with their other financial obligations but I cannot see a strong case.
The current fleet they’ve got will definitely see them through for the foreseeable future and the sensible, and moral, thing to do would be to cancel the majority, if not all, of this order. The credit facility they’ve gained will need to be paid back and should be their priority. They can and should be working to reduce their order, defer it or whatever else is required. It seems fair to assume they should be focusing on staying in business..
It might well be that someone else comes along and says there is clear logic for maintaining their order with Airbus whilst struggling with their other financial obligations but I cannot see a strong case.
Like I said last week, the best Sir Stelios can probably hope for is deferral. Airbus (and Boeing) are no doubt bracing themselves for airlines wanting deferrals, cancellations, order revisions etc., so I wouldn't expect talks to be easy.
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Stelios' temper tantrums are a distraction for the management right now, where survival is everything. He is doing more harm than good. easyJet are doing everything they can to conserve cash and the order will have been on their minds. Its worth remembering that they have already paid deposits for their slots and progress payments on aircraft under construction. That's money they would have to walk away from. Aircraft are not a discretionary purchase like a Bentley or a Yacht, they are absolutely fundamental to the production of product, they are a capital expense, financed over the long term. Airline fleets are planned years in advance, not days and weeks. Their old aircraft have agreements to return to lessors and onward airlines - things are not as straightforward as he is making out. It would be foolish not to have a little more information about the recovery before they make major strategic decisions which will effect the trajectory of the airline for five years or more.
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easyJet aren't the only airline to have major orders for aircraft. Nobody is suggesting that IAG should cancel its aircraft orders, instead they are speeding up their fleet renewal programmes by getting rid of older, less efficient aircraft.
There will be some failures as a result of all this, that is inevitable. With that though will come some winners. As a business a balance sheet among the strongest of any airline in the world, easyJet needs to be in a position to capitalise on opportunities going forward. The options that new aircraft will bring will be necessary. That doesn't mean there shouldn't be the option also to reduce the fleet if required. Indeed, that option has been in place within easyJet for some years now.
No one knows the true extent that the industry will be damaged and it would be foolish of easyJet to cancel the order at this moment in time. Stelios wants the airline to focus on profits but that requires increasing yield and if the rest of the market isn't focussing on that as much then market share becomes crucial.
There will be some failures as a result of all this, that is inevitable. With that though will come some winners. As a business a balance sheet among the strongest of any airline in the world, easyJet needs to be in a position to capitalise on opportunities going forward. The options that new aircraft will bring will be necessary. That doesn't mean there shouldn't be the option also to reduce the fleet if required. Indeed, that option has been in place within easyJet for some years now.
No one knows the true extent that the industry will be damaged and it would be foolish of easyJet to cancel the order at this moment in time. Stelios wants the airline to focus on profits but that requires increasing yield and if the rest of the market isn't focussing on that as much then market share becomes crucial.