Ocean and CargoItalia latest news

[FlyLowCost]

Taken from aircargonews:

Former Ocean CEO looks for re-launch
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19-Jun-2008 : AFTER seeing his former airline declared bankrupt in May, former Ocean Airlines chief executive officer, Rossano De Luca, has told Air Cargo news that he has appointed Parsec Finance as financial advisor in an effort to purchase the Ocean Airlines AOC and traffic rights from Italian bankruptcy court.

Parsec Finance will also work with former and new members of the management team to develop a major re-launch plan. The plan includes the dry leasing of two B47-400Fs up to four within three years. It’s not confirmed yet if the airline will keep the base in Brescia or, due to the current competition situation, will base the aircrafts in Milan Malpensa airport.

De Luca said: “I took the decision to enter in negotiation to acquire Ocean Airlines after a possible investor confirmed it will take a minority stake in the new company. Hence, I have appointed Parsec Finance to seek additional investors, such as a private equity fund or someone involved in the cargo industry, in order to guarantee the adequate financial support to the re-launch plan. At this stage, the negotiation is running quite fast and we plan to complete the deal by the end of July.

“The new Ocean Airlines could use a different brand due to investor request, but at this stage I cannot provide any additional information.”



Cargolux look at Cargoitalia buy-out
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18-Jun-2008 : AIR Cargo News has learned that Cargolux has entered into negotiations with ailing Italian freighter airline, Cargoitalia, over a possible buy-out.

Sources in Italy indicated that a deal could be completed in 20 days and would provide Cargolux with a long-held ambition for greater access to the Italian market, as well as useful Asian traffic rights.

Any deal is likely to involve Cargolux dry-leasing two 747-400Fs to its new subsidiary, basing the aircraft in Milan. This would preclude the need for trucking to Luxembourg.

However, what is not clear is what liabilities Cargolux would incur in any deal.

“We have been approached by Cargoitalia management to look at various forms of co-operation, for which discussions have been initiated. At this stage, it is too early to comment on any possible outcome,” said Robert Van de Weg (above), senior vice-president sales & marketing.

[shamil]

Hey Guys,

Knowing this ****, I can tell you for sure, that this is bull****.... with all expected and most possible outcomes....

Sorry, I might touched somebody's souls, but... face it, it's like that...

my best wishes to those who's still dealing with Ocean Airlines or... I would say my condolensans...

Shamil

[masterairwaybill]

Maybe this new Italian all cargo airline who placed orders for 5xA300F at Farnborough lats week and is reported to be headed by Cairman of Air Dolomiti will take up where Ocean/Cargoitalia left off.......!!!!

[EAM]

Well I think it was about 5 A330F and it was only a letter of intent....well I intent to buy a Maserati....once I have the money for it. :}

I say, you buy it or you dont.

About CRG and CV, it is said in the article, CV was approached by CRG talking about various cooperation, it was not done by CV.

Lets see what will happen.....so far not very much.

[shamil]

Hello,
Does anyone has an update on ocean airlines (brecia)?
As per last statements of sweet-chicks de Luca, he was spamming something about rebrending.... what next?
as long as I know their bancrupcy case will be decided on 19th Sep'08.

[ea-eu]

Dear Shamil..
on this discussion talking about a possible "rebrending" of Ocean you told on 23rd jul "I can tell you for sure, that this is bull****", but now you are again asking for information. Seems you are really interested in a possible "reopen" of the airline.
Are you looking again for a job with them ?

[Flying Mechanic]

nice big parking bill accumlating at Hong Kong airport on that Ocean 747!

[Skystar320]

5xA300F

DIDNT someone dofrget the 3?

[tspark]

Rebranding - couldn't be related to the 'Swiss Freighter' classic crew required thread? Just over the border after all !

[shamil]

Ocean runs 11 mil. usd debt throughout the world supported with a number of cases against them. Companies lined up after their properties and assets - no way I would do any business with any italian company in the nearest future - unreliable, just as mr. de luca and it's statements.
19th sep is supposed to be a big day for oceans creditors.

[ea-eu]

@tspark:
There is NO relation beetween the "Swiss freighter" and the "new" Ocean.
@shamil
Just for your info.
The bankrupt of Ocean will be discussed in the tribunal at the end of October (not in September), but I think that no one will be happy..
In fact, even if 11 mil. debt are practically nothing comparing the the debt that other airlines had in the past and still have in the present (read Alitalia), there is no money for the ex employee and for all the other creditors.

[BigShip]

One Ocean 747 is in Almaty, Kazakhstan. Standind there since a few months..

[shamil]

Here is another update in addition to ea-eu, I liked info on secured creditors...

who else is involved into the money pumping machine... the organizer has to be put into the Guiness Book. :D

Ocean Airlines Sinks
Italian freight carrier Ocean Airlines, after months of trying to refinance its debt-ridden operation, has filed the Italian equivalent of bankruptcy, but it looks more like a fire sale.
"It sure sounds like a liquidation," said Terrence Haglund, an attorney with the Aviation Law Center, who says his client Phoenix Fuel hasn't been paid for more than $7 million in direct and indirect fuel costs.
"We'll file a proof of claim and wait to see how much money is available for the unsecured creditors," said Haglund, who said the airline's money was tied up in its two leased 747-200 freighters.
Phoenix is only one of several unsecured creditors, which include other fuel suppliers, an engine supplier, a ground services business and airports. The only secured creditors are Ocean's two banks Valsabbina and Landsbanki.
Haglund described Ocean's current situation as "peculiar because it is not even operating. Who are they paying," Haglund asked?
Attempts to reach Ocean's New York City-based attorney Andrew Ryan with Salisbury & Ryan and Ocean's top management in Italy were not successful.
Ocean Chief Executive Officer Rossano de Luca said in published reports the airline's problems were due to events beyond its control, such as skyrocketing fuel costs. The company's position over the last year kept changing. Months ago, Deluca told Air Cargo World "important talks with new investors," were continuing and "we expect to finalize [an agreement for new funding] in the next two weeks." A major, unnamed European fund was to have provided $50.8 million to resume flying, but those funds apparently never materialized.
Even as its debts mounted, Ocean put the best face on a bad situation. In February, the airline was talking about acquiring six more 747-200s.

[xaf2fe]

Saw another in Hong Kong a couple of weeks ago.

[FlyLowCost]

Latest news from MXP reports CargoItalia has suspended the remaining 2 weekly flights MXP-AUH-MXP.

[ea-eu]

@ shamil
Why are you hungry against Ocean? Why adding comments (with no indication of the "real" sources) that in several parts are not accurate.
Please remember that Ocean is only one of the dozens of airlines that unfortunately went in bankrupt or closed during 2008. As you said, they had 11 mio debt.. What about Alitalia that is loosing approx 2 mio USD a DAY. !!!!
It also looks like you have a personal battle against the last CEO of the company (De Luca). Of course he made big mistakes but when he was appointed CEO (approx at end 2006/starting 2007) I think that all the wrong decisions were already taken (IPO - increase of the fleet etc. etc.)
Anyway.
We have now to keep our finger crossed for CargoItalia. If they should also "close", practically there will be no cargo airlines in Italy

:sad: :sad: :sad: :sad:

[FlyLowCost]

Alitalia Cargo is still flying! and in the AZ liquidation I expect someone to take over them (LH, CV, who know!)

I agree the debts of Ocean compared to other airlines is really small and probably if the world economic situation at beginning 2008 was better they could find someone who support them. Same for CargoItalia.

In 2007 in the London AIM market MaxJet and Silverjet raised over €80m each one with very poor business plan and they went burst after less than 1 year. With that amount a cargo airlines would survive for long!

[FlyLowCost]

CargoItalia fortunately is still flying!

Today they operate MXP-AUH-MXP.

[masterairwaybill]

EA-EU

Dont believe all you read or hear about the demise of Ocean Airlines.
It was not due to high fuel costs or world recession.
It was down to the mis management of funds and the hiving off of cash by the investors when they were making money.
When it came to paying bills they made sure that the (investors and board) were paid first and then their cronnies whom they had leased engines from were also looked after.
If you want to know where the rot originated start with the Chairman of Ocean and work your way back.....