ANSETT - 45 Days Liquidity Remaining.
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For those interested the following a/c are to be added to the AN fleet before 31 Dec 01.
4 x B767-300
4 x BAe146
2 x B747-400
2 x B737-300
Also, some of the current B747-400 flying is to be replaced by the B767-300. This will enable a daily service to LAX by the B747-400.
Karunch.
There is not an airline in the world that does not have disgruntled employees for one reason or another.
A good example is CX where morale and job satisfaction has been very poor for years yet crew keep joining them with the knowledge.
4 x B767-300
4 x BAe146
2 x B747-400
2 x B737-300
Also, some of the current B747-400 flying is to be replaced by the B767-300. This will enable a daily service to LAX by the B747-400.
Karunch.
There is not an airline in the world that does not have disgruntled employees for one reason or another.
A good example is CX where morale and job satisfaction has been very poor for years yet crew keep joining them with the knowledge.
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Skyhawk,
AN have said that they won't be relaunching/launching their intl service to the USA until Easter next year, so where and what are they doing with 2 xtra 747-400's until then if they get them B4 31 December 2001????
Me thinks the Q NZ 146's are too expensive to convert to get OZ certification. At least that is what AN are telling their workers....
AN have said that they won't be relaunching/launching their intl service to the USA until Easter next year, so where and what are they doing with 2 xtra 747-400's until then if they get them B4 31 December 2001????
Me thinks the Q NZ 146's are too expensive to convert to get OZ certification. At least that is what AN are telling their workers....
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Shiraz,
I think our two current jumbos have to go in for major maintenance and a refit to match the Singapore product.
The two 747s being mentioned will replace those (one at a time = three at any given time), leaving sufficient of the type to commence daily longhaul services to somewhere.
I just want to know...why aren't we getting any narrow body 'busses????
I think our two current jumbos have to go in for major maintenance and a refit to match the Singapore product.
The two 747s being mentioned will replace those (one at a time = three at any given time), leaving sufficient of the type to commence daily longhaul services to somewhere.
I just want to know...why aren't we getting any narrow body 'busses????
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Skyhawk, your dreaming boy it was the worst place I ever worked in 22 years of flying
I so glad I got out and saw what its like to work with a well run airline that has a management team feel sorry for some of the good guys who's careers are being ruined by the **** fight over ownership and the like
I so glad I got out and saw what its like to work with a well run airline that has a management team feel sorry for some of the good guys who's careers are being ruined by the **** fight over ownership and the like
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AN won't go down the gurgler. Too many interested parties in high places will see to it that 'competition' remains in the market.
I'm not taking odds on who will be bank-rolling it though.
I suspect someone to the NW.
I'm not taking odds on who will be bank-rolling it though.
I suspect someone to the NW.
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Prior to the Plug being pulled on Compass 1, Ansett had considerably less than 45 days liquidity then! After all that is why the plug was pulled. Remeber who called in the Sheriffs?
I just thought it would be appropriate to bring this thread to the top again. In light of claims by AirNZ, that they have major loan repayments due within the next two weeks with little money available to fork out. The result suggested is closure of parts of AN.
OK, this could be a ploy to force the pollies to make some quick decisions, but I would hate to be working for either company at the moment, with all this uncertainty about.
OK, this could be a ploy to force the pollies to make some quick decisions, but I would hate to be working for either company at the moment, with all this uncertainty about.
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Twelve new/replacement aircraft before the end of the year is nice publicity. It is not going to affect whether or not AN collapses.
If it goes under, they won't arrive.
If anyone really thinks the Australian government will bail it out, then reality is out of reach to him/her.
The volume of money required would be horrendous, and the electoral ramifications wider than anyone who suggests it would happen, suspects.
Friend Howard, the free-marketeer, will have his face rubbed in it by the hypocritical humble pie-eater Beasles. Not good election material. AS would Costello Reeka, a tax gatherer not a tax giverer.
If it goes under, they won't arrive.
If anyone really thinks the Australian government will bail it out, then reality is out of reach to him/her.
The volume of money required would be horrendous, and the electoral ramifications wider than anyone who suggests it would happen, suspects.
Friend Howard, the free-marketeer, will have his face rubbed in it by the hypocritical humble pie-eater Beasles. Not good election material. AS would Costello Reeka, a tax gatherer not a tax giverer.
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WEDNESDAY, 22 AUGUST 2001
B U S I N E S S S T O R Y
Air NZ told to sort out its own mess
22 August 2001
By ROELAND VAN DEN BERGH
The Government has told Air New Zealand to sort out its own financial mess rather than rely on Singapore Airlines baling it out, sources close to the deal say.
Air New Zealand has asked the Government to lift the maximum amount that a foreign airline can own of the national carrier to allow Singapore Airlines to increase its 25 per cent stake.
Air New Zealand needs the extra investment from Singapore Airlines to help fund a multi-billion dollar fleet and service upgrade, mainly for its troubled subsidiary Ansett Australia.
A spokeswoman for Finance Minister Michael Cullen said yesterday that the Air New Zealand ownership issue would go to the Cabinet on Monday but that a decision was unlikely.
However, sources said the Government - after intense lobbying by rival bidder Qantas - appeared to have decided not to lift the cap and, instead, had told Air New Zealand to work its way out of its financial difficulties.
Dr Cullen was pushing for Singapore Airlines to agree to a counter-proposal by Qantas which did not require a lifting of the cap. That proposal involved Singapore Airlines selling its Air New Zealand shares to Qantas and buying Ansett Australia, sources said.
A compromise deal to give Singapore Airlines 35 per cent and possibly allow it to increase that share via a rights issue had also been rejected.
"They are just poles apart," one source said.
Analysts pointed to a widening of the gap between Air New Zealand A shares (which can only be owned by New Zealand residents) and B shares as evidence that the bid had probably failed. As part of the proposal, the two-share structure would have been scrapped.
The Government has said it would give its decision by the end of this month.
Air New Zealand is expected to announce a massive loss on September 4.
Analysts in Singapore have been told by Singapore Airlines in recent weeks that it was considering walking away from the proposal.
Instead, it would try to buy Ansett Australia through a fire sale by refusing to support a capital raising to resurrect the ailing airline, forcing Air New Zealand to sell.
One analyst said Singapore Airlines was the only realistic buyer of Ansett Australia because of competition concerns, and it was the only airline with the cash to turn the loss-making company around.
"Ansett's deteriorating situation and refinancing needs will deter any other airlines to bid when it is put up for sale," the analyst said.
-------------------------------------------
So where does the cash to pay or lease the new AN aircraft come from? May end up with SIA calling the shots anyway. But what does it matter so long as we all have jobs right?
Unfortunately governments on both sides of the Tasman realise that there are more voters who purchase airline tickets at cheap prices then there are airline employees - so long as the service is provided (by whomever) then Joe Public is happy and the politicians get to keep their noses in the public funded trough.
B U S I N E S S S T O R Y
Air NZ told to sort out its own mess
22 August 2001
By ROELAND VAN DEN BERGH
The Government has told Air New Zealand to sort out its own financial mess rather than rely on Singapore Airlines baling it out, sources close to the deal say.
Air New Zealand has asked the Government to lift the maximum amount that a foreign airline can own of the national carrier to allow Singapore Airlines to increase its 25 per cent stake.
Air New Zealand needs the extra investment from Singapore Airlines to help fund a multi-billion dollar fleet and service upgrade, mainly for its troubled subsidiary Ansett Australia.
A spokeswoman for Finance Minister Michael Cullen said yesterday that the Air New Zealand ownership issue would go to the Cabinet on Monday but that a decision was unlikely.
However, sources said the Government - after intense lobbying by rival bidder Qantas - appeared to have decided not to lift the cap and, instead, had told Air New Zealand to work its way out of its financial difficulties.
Dr Cullen was pushing for Singapore Airlines to agree to a counter-proposal by Qantas which did not require a lifting of the cap. That proposal involved Singapore Airlines selling its Air New Zealand shares to Qantas and buying Ansett Australia, sources said.
A compromise deal to give Singapore Airlines 35 per cent and possibly allow it to increase that share via a rights issue had also been rejected.
"They are just poles apart," one source said.
Analysts pointed to a widening of the gap between Air New Zealand A shares (which can only be owned by New Zealand residents) and B shares as evidence that the bid had probably failed. As part of the proposal, the two-share structure would have been scrapped.
The Government has said it would give its decision by the end of this month.
Air New Zealand is expected to announce a massive loss on September 4.
Analysts in Singapore have been told by Singapore Airlines in recent weeks that it was considering walking away from the proposal.
Instead, it would try to buy Ansett Australia through a fire sale by refusing to support a capital raising to resurrect the ailing airline, forcing Air New Zealand to sell.
One analyst said Singapore Airlines was the only realistic buyer of Ansett Australia because of competition concerns, and it was the only airline with the cash to turn the loss-making company around.
"Ansett's deteriorating situation and refinancing needs will deter any other airlines to bid when it is put up for sale," the analyst said.
-------------------------------------------
So where does the cash to pay or lease the new AN aircraft come from? May end up with SIA calling the shots anyway. But what does it matter so long as we all have jobs right?
Unfortunately governments on both sides of the Tasman realise that there are more voters who purchase airline tickets at cheap prices then there are airline employees - so long as the service is provided (by whomever) then Joe Public is happy and the politicians get to keep their noses in the public funded trough.
Curious G, I do not think the issue of having two airlines is an issue, look at Canada, was two, now one, that can happen in Australia.Also isn't the NZ Govt Labour, why would the help the Libs?
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farrari
Quite so, theres no rule or law that says Ansett or any other airline for that matter must survive.
In any event a substantial change of ownership should I believe trigger a suspension/review of the AOC.
4Dogs help me out here.
The "new" owners should be subject to the same scrutiny as if it was a new AOC.
There would not be any gaurantees, a lot of pressure on the regulator maybe, but no gaurantees. The test will be whether the Government will allow the regulator to regulate, all other foreign ownership issues aside.
There is or was something in the Act about that in any event, must go have a look.
Quite so, theres no rule or law that says Ansett or any other airline for that matter must survive.
In any event a substantial change of ownership should I believe trigger a suspension/review of the AOC.
4Dogs help me out here.
The "new" owners should be subject to the same scrutiny as if it was a new AOC.
There would not be any gaurantees, a lot of pressure on the regulator maybe, but no gaurantees. The test will be whether the Government will allow the regulator to regulate, all other foreign ownership issues aside.
There is or was something in the Act about that in any event, must go have a look.
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Scooter - what is the normal liquidity for an airline? Given the long dated expenses and the short dated revenues, 45 days sounds more than reasonable.
Gaunty - "white knights" are a takeover defence, not a source of equity injection to save you from a cashflow shortage. Your post certainly sounds authoritiative though ...
Gaunty - "white knights" are a takeover defence, not a source of equity injection to save you from a cashflow shortage. Your post certainly sounds authoritiative though ...