French Court Seizes Crossair Receipts for Air Lib

[The Guvnor]

This will have potentially serious ramifications not just for Crossair but also for DAT which is the successor to Sabena.

From today's ATWOnline

[quote]A French judge Friday ordered the seizure of Sfr2 million ($1.2 million) in bank settlement plan receipts owed to Crossair from ticket sales in France. The seizure was ordered at the behest of Air Lib, a Crossair spokesperson confirmed to ATWOnline. The action, which was reported by the Associated Press, is part of Air Lib's campaign to pressure Crossair into accepting liability for funds owed by former Air Lib owner SAirGroup. Air Lib argues that Crossair is effectively the successor company to SAirGroup and therefore is responsible for promised funding by SAir and for damages suffered by Air Lib because of mismanagement by its former owner. It is suing Crossair for about eur517 million ($460 million).<hr></blockquote>

[LROPS]

I heard this info on radio, a pretty good news indeed!! We will (maybe) finaly see SR/LX paying for all their mismanagement and abuse of confidence. AirLib and DAT should unite against their former owner.

LROPS

[+TS]

LROPS; just for the record : LX is not the same as Swissair (the bancrupt airline). And for sure not responsable for the previous management (strategy).

And also this is probably not good news for DAT as there are probably enough companies who still get some money from Sabena.

[LROPS]

+TS ,

I write SR/LX because I don't know how they 'll call the SR successor.
The creditors of the ex-SN have signed an agreement, they prefer to see DAT continuing their operations.

LROPS

[sharky 145]

You are not talking about successors but previously mismanaged funds of a bankrupt airline which is and was not LX.

[The Guvnor]

LROPS - no, not all SN's creditors have agreed to the DAT plan - in fact it looks like it could all be over for DAT tomorrow when they go back to court.

[recceguy]

It's like with children:

LX say "we are not SR, we are not!"

and the others say " yes you are, you are ! "

so the Court, to try to see a little more in it.

Funny, isn't it ?

[Magplug]

Looks like an airline has to go fully & officially bankrupt to shake off the shackles of debt !

[LROPS]

Ceilidh,

[quote] no, not all SN's creditors have agreed to the DAT plan - in fact it looks like it could all be over for DAT tomorrow when they go back to court. <hr></blockquote>

I confirm SN's creditors have agreed and yes it will be, maybe, the last day for DAT tomorrow because 2 SIC's creditors, HSBC and Bayerische Landesank refuse to sign a agreement regarding SIC's BP.They say they are treated less fairly than the others creditors.

LROPS

[380]

Are abuseful seizure orders also punished in France? (as in every other constitutional state)