Transjet filed chapter 11

[Brenoch]

Transjet filed for chapter 11 protection today at a court in Sweden..

Good luck to everyone concerned..

[Brenoch]

According to sources it has now also been approved..

[Knold]

All for the best

"We'll be back"

[Knold]

A swedish police officer who was a pax onboard on TJ flight along with another hundred pax that was stranded has filed a lawsuit against the swedish CAA for their unlawful behviour against TJ.

:D :D :D

[jetstream7]

What is the unlawful behaviour that the Swedish CAA have engaged in ?

[Brenoch]

It seems there are a few ambiguities concerning the decision to ground the airline..
I don't know exactly what they concern though..
I'm sure someone here knows exactly what's going on and what exactly has happened.
I'm however quite sure we haven't seen the end of this by a longshot..

"Disclaimer regarding spelling"

[Engineer]

Would appear that this company is following a standard pattern. First AOC pulled lots of PR hype that it is only a temporary measure. Then company files bankrupty as a result of losing the AOC. This is then followed by another lull when you are told that all is in hand and that once backers are found will be back on the road to recovery. Next thing you know letter on the doormat sorry company folded.

[Direct HALIFAX]

I'm supposed to be flying with TJ in October - will someone else operate the flight ?

[Mare]

I think Aegean Airlines with their 737s are flying their flights at least out of Heraklion LGIR.

[Brenoch]

Chapter 11 and bankrupcy is two completely different things..
Ch 11 is a protection for the company whilst reconstructing..

For the best of all involved I extend my best wishes..

[LANDAFTERTHEWOT]

I wonder how many of the UK employees were paid their final salaries??? . . . . . . . . . Me Thinks . . . . . . . NOT MANY!!!



:( :( :( :( :(

[steamchicken]

Can you file for Ch.11 protection in Sweden? It's part of the US bankruptcy code - and is the famously lenient provision which allows you to trade on whilst restructuring, freezing your debts at the same time. (as opposed to Ch.9 which is full-scale bankruptcy)
I'm not sure you could use it outside US jurisdiction. Most countries' bankruptcy provisions are much nastier. Don't know about Swedish law though.

[TowerDog]

Steam: Chapter 7, not 9..

[Engineer]

My impression was that in Sweden, firms that file for bankruptcy are all auctioned off either piecemeal or as going concerns. Upon filing, managers lose control of the firm. Unless the law have been updated.

Also interesting was this comment (http://pub176.ezboard.com/fholidaytruthscommunityfrm35.showMessage?topicID=400.topic&index=3) by a happy passenger and a few others (http://pub176.ezboard.com/fholidaytruthscommunityfrm35.showNextMessage?topicID=588.top ic) :D

[Brenoch]

Well, it's not called a chapter 11 but the rules as far as I gather are the same..

Cheers

[Brenoch]

And I thought I was overly clear in my previous post stating they where two completely different things.. ;)

[transjet]

Thank you all for your concerns, if they are genuine, we are not going through a very easy time now, so would appreciate any responses are kept in a positive mood.

Transjet UK

[Engineer]

transjet

If you are an employee of your namesake then may be you could comment on this

article (http://pub176.ezboard.com/fholidaytruthscommunityfrm48.showMessage?topicID=1227.topic)

reproduced from the Manchester on-line travel section web site

[transjet]

The company does not comment on matters that are in the hands of it's Lawyers.Lawyers

[charterguy]

Transjet UK

When is the Swedish CAA expected to make a decision on TJs AOC ? I heard they were supposed to have a meeting with Johansson last Wednesday. Do they keep you guys informed about these matters ?

Without an AOC, they might as well go for full bankruptcy. Just a shame about all the deposits charterers have already paid to TJ.

:confused:

[transjet]

Yes, we keep in contact and up to date on the current situation, we are not prepared to speak openly on here about matters concerning charterers, you know how to contact us and will speak with you direct if you wish.

Or you can email us

[UFGBOY]

For the record; both employees RESIGNED; one was also telephoned and asked if they would like to reconsider after some time off as it HAD been a stressful situation; indeed another person walked off and went back flying after a few days when matters had calmed down

The (JAR) mx team had signed the a-c off; so there was no reason for any crew member to refuse to fly; obviously personal views played a big part in all of this

Lastly, the all pax who refused to fly back with TJ did in fact fly back with them landing 20 minutes early........

:cool:

[Cosmo]

As questioned by a previous poster, Sweden does not have a "Chapter 11" option in their bankruptcy law. As far as I've understood, Transjet has filed for Company Reconstruction. This entails, in short, that a company with difficulties in meeting their outstanding debts requests for the procedure at one of the lower courts.

During such a procedure a court appointed reconstructor investigates whether or not the activity of the company can carry on in whole or in part, and how. The possibilities for the debtor and the creditors to reach an economic settlement is also looked into.

During the above procedure, as a rule, property cannot be the object of precautionary attachment or seizure.


Cosmo

[Brenoch]

I extend my appologies for not beeing up to speed on the US bankruptcy laws.
How is this example different from a full out "chapter 11".

[Engineer]

So can one assume that Transjet are like their aircraft fleet web page (http://www.transjet.se/aircraftfleet.asp) under construction :D :D

[Knold]

Right you are