View Full Version : Air Nauru
mango33
4th Dec 2003, 14:15
Just a query has Air Nauru still got financial problems, or has the Government fixed their financial situation up?
mainwheel
4th Dec 2003, 20:32
The money will come next week.....................
ER2nd.
5th Dec 2003, 06:39
....and power will be fully 'on' for evermore in Nauru with phones working, copious supplies of water, tooth fairies everywhere and some bloke riding around in a cart pulled by reindeer. Sorry...just sounds too good to be true.
mainwheel
6th Dec 2003, 00:07
Definitely next week, for sure................
ER2nd.
6th Dec 2003, 04:57
...and in one of the sacks will be two shiny, new B757's - eh Mainwheel....!
von Mises
6th Dec 2003, 05:55
mango33
Air Nauru (Air Nauru Corporation) does still have financial problems. The Government had been propping them up but has indicated that it is no longer willing or able to do so. Air Nauru has effectively been told it is on it's own.
Air Nauru is currently running a small operating profit but cannot meet the cost of abnormal or extraordinary costs that arise.
They had actually lent some money back to the Government which I believe is still owing (don't like the chances of it being repaid).
They are looking at a refinancing deal for the B734 and possibly tying up with another operator (I'm not sure who would be silly enough).
Nauru is in desperate financial straits and the outlook is not good.
Regards von Mises
Kwaj mate
6th Dec 2003, 13:36
Von,
If the Government and NPC has not paid leases, insurance & half the engineering costs Air Nauru would have been in Chapter 11 (or whatever they have there) long ago.
The comment about them lending money to the Government is obviously said in jest.
One time a GM made the comment that they actually made money.
That year:
they had all 4 insurance payments made by NPC (& NPC employees were not paid for two months due to the lack of NPC funds);
the Government paid all lease payments; and
an engine change was negotiated with QF as they did not have reserve funds for this event.
Air Nauru is a basket case and has been since the famous airline manager took over in the mid '90's as a newly commercial corporation.
But then this is a rumour file & the truth is not a consideration.