Sterling Airlines bankrupt
 

Sterling press release here, first in Norwegian and further down also in English:

Boarding.no : Sterling Airways er konkurs

Very sad news, remember the ex Swiss DC6s very well:(

That's a shame :bored:

I'm afraid this is not the last company with this kind of announcement...

Not the last company for sure. However this is Icelandic owned again. It seems that they have "Magic hands" up on that little rock as everything they touch turns into s.hit.

Wasn't Sterling a bit like Sabena, a single profitable quarter in the past 30 years or so?

Still, sad news, especially for those young MPL holders who I'm afraid are going to find employment difficult to find.

Not forgetting Maersk Air of Denmark who helped save Birmingham Executive back in 1988 and looked after the operation with BA under a franchise agreement at BHX until they sold up to DUO in 2002/3.

Maersk then merged with Sterling but operated their 767 freight operation under their own flag to this day.

They will be truly missed - good luck to everyone concerned

Here is the message that was on the website before it went down...

Airline news from around the world: Sterling Airlines Bankrupt

Good luck to all involved

Maybe someone can enlighten me, Sterling´s owners, Fons also "owns" through the virtual company Northern Travel Holding, Iceland Express and a part of Astraeus. How much is their shareholding in Astraeus anyone?

Sorry about Sterling, I liked them, especially Sterling of old. But this one was a different beast.

And as usual the press is only concerned with some stranded pax in CPH who now has to pay up 300 kr or whatever to get home again. Not a word regarding the staff who will now most likely have to go on government aid or find a new job abroad if they can.

Good luck everyone.

Pax most likely to be stuck abroad due to the bankruptcy. Codesharepartner Norwegian, as well as SAS DK, are trying to pitch in to aid the pax.

News up north also reporting that salaries for October are not being paid:ouch::yuk::=

Really sad, flew them many times to STN years ago. They were a great company. I sincerely hope the staff manage to resolve they situation.

Very sad indeed, but not too surprised I'm afraid. The company has been miss-managed for years now, under the current management it was just a matter of time......

Who will park jets first in CPH and ARN, RYR or EZY?

Good luck to all involved!

/CP

I am sorry to hear that so many people are out of a job again. Hope for blue skies and that something comes along.


AAI has been paying employees and contractors late for the last few months. So far the pay has been in and in full but the last one over 2 weeks late.
Cash flow problems sited and the Saudis notorious for not paying in time. This even as AAI receives most of its income in USD and a big chunk of employees paid in ISK reducing the overall employee costs. Not a good sign as to what is coming, time to lift the clutch I think.
Air Atlanta was purchased by management from the Avion Group that at one point owned the Excel Leisure Group. How was the company financed, where the loans in USD from Icelandic banks or from abroad? Is this why the pay is late? Banks can't finance the show anymore?

Looking at the economical situation in Iceland it just makes one wonder how anything commercial that has been financed from Iceland or anything to do with Iceland can survive?

Both Excel and Sterling are now out of business, one could say let down by their owners what is next? I am afraid that this will probably go much deeper than just aviation investments of the Icelandic so called "Business men". Watch out for large holdings owned by these people in and out of Europe. We have not seen the end of the Icelandic Economic disaster and the implications around the world yet.

What I really find surprising is that the Icelandic premier runs around the Nordic looking for more billions to cover for the stupidity they have started and a helping hand. Join EU and Euro. Yes now that things are really bad this is the life boat. Not so dear chaps, EU has enough poor countries to feed and help. No need for an Icebabwe. Get your act together and then perhaps.

It is a bit like I would run up a credit card bill on MC, pay that with Visa then pay the Visa bill with Amex and so forth until the limit comes. Then visit my neighbours asking them to pay my bills and credit card bills.

I am equally surprised about the lack of discussion about bringing those "Business men" in Iceland responsible for the chaos created by their total and utter mismanagement of funds into criminal justice and accountable for their actions.
This crisis has reached the magnitude and scale reaching far outside Iceland that the people in Iceland and their government should take severe measures to seek out and punish those responsible. If Iceland is unwilling to do that, then other governmets should take action against the culprits and their property.

Sorry to hear this news - hope the all the staff and crew manage to get employed again real soon.

Sorry to hear that :(

But they're not first.. and definately not last :(

:(

My thoughts is with all the employees....

First airline I ever flew with, Edinburgh-Copenhagen student charter in a DC6 in 1967.

Terribly sad.