wondering
11th May 2005, 11:23
AIN online:
Executive Aircraft Airline under Bankruptcy Protection
A court in Geneva declared Club Airways bankrupt last week in response to creditors’ complaints. At press time, the members-only airline using Learjet 45s continued carrying passengers between Geneva and Paris on a reduced schedule under creditor protection. Earlier this year, founder and CEO Hans Schwab told AIN he was in negotiation with prospective investors. Club Airways started scheduled flights between Geneva and Paris in February 2003 with Learjet 45s wet-leased from Bombardier Flexjet partners. It later added London City and other destinations and wet-leased larger corporate aircraft with up to 15 seats. Schwab’s plan was to offer executive-style service, including valet parking, swift check-in at executive terminals and transportation in private jets to club members paying an annual fee of €1,500 ($1,930), in addition to the airline business-class tariff. According to Schwab, the company had up to 1,000 individual members and 600 employees of corporate members, but capitalization was barely adequate and became insufficient when early partners pulled out. Schwab still hopes to find new investors to keep Club Airways going.
Executive Aircraft Airline under Bankruptcy Protection
A court in Geneva declared Club Airways bankrupt last week in response to creditors’ complaints. At press time, the members-only airline using Learjet 45s continued carrying passengers between Geneva and Paris on a reduced schedule under creditor protection. Earlier this year, founder and CEO Hans Schwab told AIN he was in negotiation with prospective investors. Club Airways started scheduled flights between Geneva and Paris in February 2003 with Learjet 45s wet-leased from Bombardier Flexjet partners. It later added London City and other destinations and wet-leased larger corporate aircraft with up to 15 seats. Schwab’s plan was to offer executive-style service, including valet parking, swift check-in at executive terminals and transportation in private jets to club members paying an annual fee of €1,500 ($1,930), in addition to the airline business-class tariff. According to Schwab, the company had up to 1,000 individual members and 600 employees of corporate members, but capitalization was barely adequate and became insufficient when early partners pulled out. Schwab still hopes to find new investors to keep Club Airways going.