DAS Air Cargo
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from aircargonews
DAS Air Cargo’s remaining assets have been bought by Continental Aviation Services (Nigeria), in a deal that saves the airline from extinction.
As exclusively revealed in Air Cargo News in early November, the administrators of the airline, Menzies Corporate Restructuring, struck a deal a few weeks back, and the new owner finally put pen to paper on 20 November.
According to DAS Air’s commercial/operations manager, Malcolm Higginson, Continental Aviation Services is incorporated in Nigeria and will establish a new UK division named Continental Aviation Services (UK) Ltd. Higginson says the company is well funded and has expertise in cargo operations.
Continental Aviation Services (Nigeria) is a majority shareholder (70 per cent) of Afrijet the Nigeria-based passenger and cargo airline.
Afrijet currently has two Fokker F-27s on its books, but has also recently operated a B727F to supplement its cargo services.
Higginson said that “all the assets of DAS Air have been sold. The debt, however, remains with DAS Air Ltd and is in the hands of the administrators”.
He added that “as from now myself and the other 33 staff that work at our two sites at Crawley and Manston airport are employees of Continental Aviation Services”.
Higginson said that the initial plans involved getting the sole remaining DC-10 up and flying again and re-establishing the route network. “The Ugandan registration will end and we will be looking for a new approval. It is most likely that the aircraft will be registered in Nigeria. We are also looking to lease a second aircraft to help re-start scheduled and ad-hoc operations.”
He added more will be revealed soon, however, the company’s energy for now is focussed on setting up CAS(UK) Ltd.
In the longer term the airline is looking at options to re-equip with more modern aircraft. “Operating DC-10s with current fuel prices, is extremely challenging,” admitted Higginson.
As exclusively revealed in Air Cargo News in early November, the administrators of the airline, Menzies Corporate Restructuring, struck a deal a few weeks back, and the new owner finally put pen to paper on 20 November.
According to DAS Air’s commercial/operations manager, Malcolm Higginson, Continental Aviation Services is incorporated in Nigeria and will establish a new UK division named Continental Aviation Services (UK) Ltd. Higginson says the company is well funded and has expertise in cargo operations.
Continental Aviation Services (Nigeria) is a majority shareholder (70 per cent) of Afrijet the Nigeria-based passenger and cargo airline.
Afrijet currently has two Fokker F-27s on its books, but has also recently operated a B727F to supplement its cargo services.
Higginson said that “all the assets of DAS Air have been sold. The debt, however, remains with DAS Air Ltd and is in the hands of the administrators”.
He added that “as from now myself and the other 33 staff that work at our two sites at Crawley and Manston airport are employees of Continental Aviation Services”.
Higginson said that the initial plans involved getting the sole remaining DC-10 up and flying again and re-establishing the route network. “The Ugandan registration will end and we will be looking for a new approval. It is most likely that the aircraft will be registered in Nigeria. We are also looking to lease a second aircraft to help re-start scheduled and ad-hoc operations.”
He added more will be revealed soon, however, the company’s energy for now is focussed on setting up CAS(UK) Ltd.
In the longer term the airline is looking at options to re-equip with more modern aircraft. “Operating DC-10s with current fuel prices, is extremely challenging,” admitted Higginson.
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Posted to the web 10 December 2007
Kunle Aderinokun
Abuja
Three of the nation's foremost banks, namely First Inland Bank Plc, Bank PHB Plc and Fidelity Bank Plc are guaranteeing about N6.25 billion (an equivalent of $50 million) representing a total loan facility granted to Afrijet Airlines Limited and its sister company Continental Aviation Services (Nigeria) Limited (CAS) by African Export Import Bank (AFREXIM) headquartered in Cairo, Egypt.
From the total, Afrijet secured $30 million in April 2007, to expand its airline operations while CAS received $20 million in June 2007 to finance cargo operations worldwide following its acquisition on November 20, 2007, of DAS Air Cargo reputed to be the largest cargo airline in Africa.
CAS owns 70 percent of Afrijet, which is presently undergoing major restructuring and would commence full operations in the first quarter of 2008. All the three banks are involved in the $30 million facility. Under the arrangement, First Inland Bank is providing $11 million while BankPHB and Fidelity Bank will finance $10 million and $9 million respectively.
On the other hand, the $20 million financing is expected to be borne by First Inland Bank and BankPHB in the proportion of $10 million each.
Kunle Aderinokun
Abuja
Three of the nation's foremost banks, namely First Inland Bank Plc, Bank PHB Plc and Fidelity Bank Plc are guaranteeing about N6.25 billion (an equivalent of $50 million) representing a total loan facility granted to Afrijet Airlines Limited and its sister company Continental Aviation Services (Nigeria) Limited (CAS) by African Export Import Bank (AFREXIM) headquartered in Cairo, Egypt.
From the total, Afrijet secured $30 million in April 2007, to expand its airline operations while CAS received $20 million in June 2007 to finance cargo operations worldwide following its acquisition on November 20, 2007, of DAS Air Cargo reputed to be the largest cargo airline in Africa.
CAS owns 70 percent of Afrijet, which is presently undergoing major restructuring and would commence full operations in the first quarter of 2008. All the three banks are involved in the $30 million facility. Under the arrangement, First Inland Bank is providing $11 million while BankPHB and Fidelity Bank will finance $10 million and $9 million respectively.
On the other hand, the $20 million financing is expected to be borne by First Inland Bank and BankPHB in the proportion of $10 million each.
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ooohhh well looks like another wave of african style funding lets see how long it takes to get the airline up and running again, and whether all the money is used for the good of the airline and not wasted on other things.
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The whole thing looks a shambles. Let's hope it's cock-up rather than conspiracy. Company names have not been registered, and the staff have not been paid since the takeover. There's never a problem getting money transferred to Nigeria, of course; it's getting it out that's hard.
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well by all accounts its still a shambles..so much for the rescue plan none of the staff have yet been paid since the new company took over back in november as i understand, and they are no further forward than from day one, sounds like another failed african take-over, did the administrators really see the true future past the amazing big bucks deal ,as they thought oh good another company off our books, or was it a case of please tie up your dog sir as you enter the building and allow me to help you sign on the dotted line and by the way what time is your flight back to lagos mr wonder if we're lucky you can still make the midday flight !!!!!!
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update...
Things are progressing...you should see the aircraft head off for a C check in the next few weeks. It will then go into service under the new name.
I'll start a thread in the name of the new airline when the time is right
With regard to the maintenance side, the company will reapply for EASA 145 approval under the new name too.
I'll start a thread in the name of the new airline when the time is right
With regard to the maintenance side, the company will reapply for EASA 145 approval under the new name too.
Guys, while I am very pleased that your jobs appear to have been saved, please spare a thought for the 52 of us at Turbine Motor Works who were made redundant on Tuesday 24th January. This included 17 apprentices, some of whom had worked extremely hard for the qualifications they had achieved, and are now in a position where they are very unlikely to be able to finish their apprenticeships.
DAS was a 50% partner with TMW, and we did all their engine overhaul work, including 'hospital visits'.
When DAS went down, they owed TMW a lot of money, which we are never going to see now, hence the redundancies.
Take care, and good luck, and I wish you well for the future.
DAS was a 50% partner with TMW, and we did all their engine overhaul work, including 'hospital visits'.
When DAS went down, they owed TMW a lot of money, which we are never going to see now, hence the redundancies.
Take care, and good luck, and I wish you well for the future.
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TMW
I am sure all are very sorry that TMW staff suffered from the DAS situation. While most permanent staff remain, the majority of flight crew and overseas staff still lost their jobs.
It is well known however that over the years, Tom did very well indeed at the expense of DAS. The whole Tamro spares situation was a licence to print money for Tom and maybe if he had found other customers as well as DAS, he wouldn't have had to rely on them to keep his own company running.
Good luck in your hunt for employment.
It is well known however that over the years, Tom did very well indeed at the expense of DAS. The whole Tamro spares situation was a licence to print money for Tom and maybe if he had found other customers as well as DAS, he wouldn't have had to rely on them to keep his own company running.
Good luck in your hunt for employment.
Thanks for that Twitcher. I have to agree with you, I did wonder at the wisdom of putting all our eggs in one basket so to speak as Tom did with DAS.
I was one of the lucky (?) ones who dodged the axe this time, but I have to say the picture regarding our future is looking pretty bleak at the moment. A lot of the guys are looking to get out anyway and look for something a bit more secure, but with the looming recession I don't think there's much hope of that. The atmosphere in the hangars at TMW is really bad at the moment - we're still reeling from the shock of it all I suppose.
One good piece of news this week is that we have secured a new contract with a major US airline, but I think we probably won't see any actual money from them untill the middle of May when they should have taken delivery of their first overhaulled engine from us. Here's hoping it all goes well.
The aviation business is a harsh and unforgiving mistress, and always has been I suppose.
I was one of the lucky (?) ones who dodged the axe this time, but I have to say the picture regarding our future is looking pretty bleak at the moment. A lot of the guys are looking to get out anyway and look for something a bit more secure, but with the looming recession I don't think there's much hope of that. The atmosphere in the hangars at TMW is really bad at the moment - we're still reeling from the shock of it all I suppose.
One good piece of news this week is that we have secured a new contract with a major US airline, but I think we probably won't see any actual money from them untill the middle of May when they should have taken delivery of their first overhaulled engine from us. Here's hoping it all goes well.
The aviation business is a harsh and unforgiving mistress, and always has been I suppose.
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It will be interesting to see what happens to the B.707 ex AUST.A.F which Tom brought over to the UK last year, that's still parked out in front of the Das hangars at manston since its arrival, I suppose if nothing else it can always be used for towing practice around manston.
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DAS Air Cargo
Anything happening during the last month?
Aircraft doesn't appear to have gone anywhere and still needs a good few weeks for check.
It reminds you of the shampoo advert in the 70's - Is she? Isn't she?..... Are they?, Aren't they?
Good luck if they can, Good luck if they can't.
Aircraft doesn't appear to have gone anywhere and still needs a good few weeks for check.
It reminds you of the shampoo advert in the 70's - Is she? Isn't she?..... Are they?, Aren't they?
Good luck if they can, Good luck if they can't.
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There seems to be a few problems over the release of the a/c from the previous owners as the aoc is still in their name and the a/c is still registered 5X-, also a couple of issues with the Ugandan caa, so hopefully these problems can be resolved and the DC.10 can be on its way for a c-check very soon, it looks like African dragging feet policy's , but yes the progress is very slow, lets hope that the new company has staying power and dose'nt give up the commitment half way through the process.
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DAS
Africa man , how are you
So thats why Mr Wrong was in Entebbe this week , having a meeting with
Madam D
By all accounts crew are on standby to ferry the aircraft
Hope all goes well
Ex dog
So thats why Mr Wrong was in Entebbe this week , having a meeting with
Madam D
By all accounts crew are on standby to ferry the aircraft
Hope all goes well
Ex dog
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also heard from Das the other day, that they are looking for a couple of newer DC10's from the USA...
It would be great to see these boys in the air again..
Good Luck
It would be great to see these boys in the air again..
Good Luck