Go Back  PPRuNe Forums > PPRuNe Worldwide > Australia, New Zealand & the Pacific
Reload this Page >

JETGO Airlines to launch Brisbane-Karratha-Singapore services

Australia, New Zealand & the Pacific Airline and RPT Rumours & News in Australia, enZed and the Pacific

JETGO Airlines to launch Brisbane-Karratha-Singapore services

Old 12th Jun 2018, 09:14
  #281 (permalink)  
 
Join Date: Dec 2001
Location: Brisvegas
Posts: 2,671
Even their administration is a mess. I saw on Facebook that the creditors meeting called for tomorrow at 10:00am at their premises will be convened and then adjourned and moved to a city office at 11:30am. Due to "an issue with their previous landlords".

Icarus2001 is offline  
Old 12th Jun 2018, 09:22
  #282 (permalink)  
 
Join Date: Jun 2010
Location: Sydney
Age: 36
Posts: 47
They probably weren't paid either!

Seriously this CEO should be jailed.
normanton is offline  
Old 12th Jun 2018, 12:50
  #283 (permalink)  
 
Join Date: Dec 2014
Location: Under a Rock
Posts: 13
Can everyone please be nicer to the JETNO CEO. All the negative comments must be hurting his feelings and putting him off his tennis game.
Dogzbody is offline  
Old 12th Jun 2018, 13:15
  #284 (permalink)  
 
Join Date: Aug 2013
Location: The bush
Posts: 146
Originally Posted by TBM-Legend View Post
From the Illawarra Mercury:



Only a bit over $400K on this one. Who have they been paying?
I don't know how many pax they have moved to accrue a$400K bill but in a 30 seat jet-not a lot. The security parasites etc who see aviation as a gold mine are limiting the chances of any new operator establishing a viable business.
Let us condemn these fringe dwellers and not those who create our flying jobs.
The Banjo is offline  
Old 12th Jun 2018, 14:09
  #285 (permalink)  
 
Join Date: Nov 2013
Location: Equatorial
Age: 46
Posts: 356
http://www.avdata.com.au/pdfs/airportChargeRates.pdf

Obviously airline rates different but there’s some idea for Avdata.

Yes it’s Australia, airports will get every dollar they can and regulations bump it up again.

What was that thread about an operator wanting to limit the MTOW to avoid? Ridiculous, why does common sense not prevail?
Global Aviator is offline  
Old 13th Jun 2018, 05:35
  #286 (permalink)  
 
Join Date: Feb 2002
Location: NSW
Posts: 171
Only just north of $30M in the hole from today’s creditors meeting!
TBM-Legend is offline  
Old 13th Jun 2018, 06:09
  #287 (permalink)  
 
Join Date: Aug 2007
Location: Aus
Posts: 203
OMG! Really? How does that happen? How do you get even just 1, 2, or 3 million down and think you're going to just trade out of such a nightmare. I imagine financial PNR occurred a long time ago.
Nulli Secundus is offline  
Old 13th Jun 2018, 06:16
  #288 (permalink)  
 
Join Date: Jun 2010
Location: Sydney
Age: 36
Posts: 47
I guess a e190 was going to solve all their problems.
normanton is offline  
Old 13th Jun 2018, 07:18
  #289 (permalink)  
 
Join Date: Oct 2017
Location: Tent
Posts: 110
Originally Posted by Nulli Secundus View Post
OMG! Really? How does that happen? How do you get even just 1, 2, or 3 million down and think you're going to just trade out of such a nightmare. I imagine financial PNR occurred a long time ago.
$1,2 or 3 million down is very easy in aviation running a few jets RPT.

Your budget forecast is over a year or more and on starting routes it is common to have planned losses but turn to profit over time.

That $30 million will include some sorry investors not just lines of credit for services supplied including staff.

But again 1-3 million could just be a bad month on weather and pax bookings on RPT runs.
Bend alot is offline  
Old 13th Jun 2018, 09:37
  #290 (permalink)  
 
Join Date: May 2005
Location: QLD - where drivers are yet to realise that the left lane goes to their destination too.
Posts: 2,067
$1-3 million down is a very bad month when you start with $0.
Traffic_Is_Er_Was is offline  
Old 13th Jun 2018, 23:08
  #291 (permalink)  
 
Join Date: Apr 2004
Location: Perth
Posts: 25
Originally Posted by CASA_Approval View Post
It's what I call the "insolvency paradox":
The appearance of expansion is maintained to attract investment despite the fact that the company is about to spectacularly go tits-up

​​​​​
Hats off to CASA_Approval AKA "THE ORACLE"!!!
The "insolvency paradox" shall live forever more, far, far beyond the airline and the three amigos that inspired it.
longlegs is offline  
Old 14th Jun 2018, 02:05
  #292 (permalink)  
 
Join Date: Jun 2018
Location: Vietnam
Posts: 1
As an observer and private pilot (my creditor status awaiting confirmation) at the creditors meeting a question was asked as to the employment status of Mr. Bredereck. The administrator advised that he was only a consultant to JETGO. A person representing Passengers asked why he spoke in the media representing himself as General Manager Airline Operations to which the Administrator re-iterated that he was only a consultant and I believe the question went un answered. Curiously I overheard a staff meeting where some chap was trying to explain why a second administrator was asked to be present to represent staff. Given that Mr. Bredereck had passionately supported the current administrators and that he had bought them in and his "unknown position" within the company I tended to believe that replacing the current administrators was a very good idea. I was shocked to hear Mr Mulder address the staff also advising them to stay with the current administrators. Forgive me if I am wrong and I understand fully the attacks on Mr Ryder but was not Mr Mulder also a director of JETGO and Mr Bredereck pretending to be a Senior Manager within JETGO so why aren't these gentlemen also not held accountable for the current mess at JETGO.

Sitting around two pilots I believe I heard them talk about another Company (a leasing company) that Mr Bredereck and Mr Ryder were involved in that had not been mentioned. It was not lost on these gentlemen that Mr Bredereck had positioned himself with a Japanese investor. JETGO MKII with Mr Bredereck as CEO maybe. The affected Shire Councils will love that.
Forwhomthebelltolls is offline  
Old 14th Jun 2018, 04:05
  #293 (permalink)  
 
Join Date: Feb 2002
Location: NSW
Posts: 171
The current creditors report summary shows -$32M with a Japanese entity as a creditor to the tune of $8+M. Mr Brederick nearly $700K...
TBM-Legend is offline  
Old 14th Jun 2018, 08:02
  #294 (permalink)  
 
Join Date: Aug 2007
Location: Aus
Posts: 203
The Fair Entitlements Guarantee Scheme is calling for submissions with regard disincentives for employers to misuse the scheme. Not saying that has occurred here, however some may feel they wish to comment. (First proposed by the federal government in October 2017. Why does it take so long to make amendments!)

https://treasury.gov.au/consultation/c2018-t297751/
Nulli Secundus is offline  
Old 14th Jun 2018, 22:19
  #295 (permalink)  
 
Join Date: May 2001
Location: passing a cloud
Posts: 317
For those who hold an interest in the Jetgo creditor meeting

An ASIC search has shown that neither Bredereck nor Mulder are/were/ever have been directors of the company, confirmed by the administrator.

Support for the current administrators, were a resounding 2.5 : 1 in favor of keeping them and the pilot body could not even put forward a representative. Another result was never a probable outcome given the dollar value that other creditors hold.

The administrator is required by law to make their opinion in the DOCA as to where the financial culpability lies, end of story. Its then up to ASIC to form a case that has enough evidence to warrant investigation int the accountability of the Sole Director.

The only people who could remotely qualify to pass knowledge of what happened in the jetgo offices in the past 12 months are those that were there in person on a day to day basis, which factually are few and far between.

While it is a white hot market for pilots right now their are plenty of options for those at the pointy end, how about sparing a thought for their colleagues who worked tirelessly behind the scenes to make it work who find themselves in a position very much different. Ponder on those thoughts, and think of where your energies could be better directed.

Its all good to voice an anonymous opinion in this forum, and I support it. However its only helpful to ALL staff if it is correct.

I am happy to retract/revise anything i've written here if its not true, if you're after vengeance this is not the forum, take the venom elsewhere and wait in line for your turn like the rest of the creditors.
TWOTBAGS is offline  
Old 15th Jun 2018, 00:34
  #296 (permalink)  
 
Join Date: Jun 2018
Location: The sky is my home
Posts: 4
TWOTBAGS as seen in the sentiments of your post, you would like to stick it to the "pilot body". Yes there may have been a pilot that bought a potential substitute administrator, however that move wasn't supported by the majority of the"pilot body" as more then a few just want to forget that the three amigos ever existed. Since you bought up Mulder, Mulder in-fact called said pilot and said he(Mulder) wanted to get rid of the administrators and that he had another administrator in mind. Mulder didn't like that said pilot brought his own administrator and on the day made a gallant, typically hypocritical, speech rallying troops behind the current administrators. So TWOTBAGS maybe you should retract/revise...
cptyoumustlisten is offline  
Old 15th Jun 2018, 04:46
  #297 (permalink)  
 
Join Date: Jun 2018
Location: melbourne
Posts: 1
Especially when 'Twotbags' himself is the forementioned person who rallied for the current administration and made the 'galant' speech. In part a third responsible for the mess.
ADSB is offline  
Old 16th Jun 2018, 03:56
  #298 (permalink)  
 
Join Date: Feb 2015
Location: Winterfell
Posts: 72
Originally Posted by ADSB View Post
Especially when 'Twotbags' himself is the forementioned person who rallied for the current administration and made the 'galant' speech. In part a third responsible for the mess.
yep all three knew what was going on.
Ned Stark is offline  
Old 18th Jun 2018, 02:06
  #299 (permalink)  
 
Join Date: Feb 2002
Location: NSW
Posts: 171
I heard that there has been an "offer" from a consultant involving Yen...
TBM-Legend is offline  
Old 19th Jun 2018, 09:23
  #300 (permalink)  
 
Join Date: Aug 1998
Location: ...second left, past the lights.
Posts: 1,068
JZG is on the deck at Mascot sitting outside Execs / Universal.
Chocks Away is offline  

Thread Tools
Search this Thread

Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.