Volareweb

[nickmanl]

Seems as though Volareweb have downsized massively!!!!

Just had a look at their destinations map and it looks very skeletal. Luton has been dropped from the destinations although this is hardly surprising as its never really happened and they have suffered from poor loads.

Its a shame though, will miss those colourful 320s although Wizz more than makes up for it and the new colourful dreamliner livery from the new Ryanair jet based here!

[iceman51]

Volare Group is in a terrible, actually more than terrible, financial situation. In the Italian Forum it is possible to get additional info on the subject.

They run out of cash, September wages might have been paid by now with a great delay (some rumuors say pilots only 20%, other personnel 100% ? , the remaining 80% should be paid to the pilots before Nov 15 ?). It looks like that they cannot land anymore in Berin in consideration of non-payments, but actually have dropped all German and UK destinations ....

They need at least 60 mio euro of new money to try to survive and but their debt, partially already rescheduled, is estimated to be in the region of about 300 mio euro ...

KPMG was called in to make a review of the 2001, 2002, 2003 accounts and founded very "sensitive" and not so "clear" issues ... (they released a 67 pages document on the subject).

The new MD called in mid July to rescue the Group resigned late last month and he has been not replaced, the Flight Operations Director resigned as well ...

The Chairman is since mid-September a former banker, actually a former banker of Interbanca, a shareholder in the company with a very large, massive financial exposure to Volare Group.

We will see what will happen. It might be another Italian miracle after the rescue of AZ (if and when it will become reality) and after the collapse this year of Gandalf and Azzurra Air.

But does anybody out of Italy know what is happening here in the Bel Paese? Possibly not. However, the former management of Volare Group (the ones that have caused all this mess!) are setting up another airline, they say to be a LoCo, under the name of My Way Airlines with - right now - a very thin capital base. They will operate under the trade name of MyAir, and say will start ops on Decembre 17th, 2004, web site www.myair.com

:{ :mad: :yuk: :{ :mad: :yuk:

[epsilonmiuraised]

after the collapse this year of Gandalf and Azzurra Air.
don't forget minerva airlines:*

[iceman51]

epsilonmiuraised

you are right.

So sorry, I have forgot it (I considered Minerva out of business in 2003).

Who is next?

Volare or Alpi Eagles?

(AZ, might be, has slipped now to 2006 :E )