MK demise
Join Date: Oct 2009
Location: Quahog
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While 2p in the £ may not be much it's not uncommon in liquidated companies, it just depends on how much debt their creditors have allowed them to run up relative to the value of the assets. Most companies run at a below-parity assets to debt ratio, which isn't a problem as long as you are generating cash to service those debts. If the cashflow stops, well, you know the rest.
There's a natural inclination among creditors not to foreclose on their debts knowing that could force their customer out of business, but than can run into increasing their exposure in the hope that the light may be at the end of the tunnel - until eventually it is revealed as an oncoming train. Ironically the willingness of MK staff to work on with wages owed added to the debt pile and hence reduced the payout available from the asset realisation.
There's a natural inclination among creditors not to foreclose on their debts knowing that could force their customer out of business, but than can run into increasing their exposure in the hope that the light may be at the end of the tunnel - until eventually it is revealed as an oncoming train. Ironically the willingness of MK staff to work on with wages owed added to the debt pile and hence reduced the payout available from the asset realisation.
Join Date: May 1999
Location: Bristol, England
Age: 65
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Off topic, but the UK CAA have said that any pilots that hold JAA ATPLs restricted to G reg aircraft only which would have been obtained by taking two exams and completing a skills test on type can have that restriction removed and a full JAA licence issued without any further exams or flight tests. I think this applies to many ex-MK pilots.
Join Date: Dec 2007
Location: Southeast U K
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Sorry to see another freight company go under.
Are there any left now?
Used to be my favourite job, working on old freighters.
Usually a lot less problems in the cabins than on pax A/C.
Are there any left now?
Used to be my favourite job, working on old freighters.
Usually a lot less problems in the cabins than on pax A/C.
Join Date: May 1999
Location: Bristol, England
Age: 65
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Further to my last, the UK CAA have been forced to backtrack on this decision. They say another unnamed JAA state threatened to stop recognising all UK JAA licenses if they did this. Shame.
Join Date: Jul 2009
Location: Under a bridge
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While I find MK's actions unforgivable, I also must stand by my previous posts predicting their demise. I find myself vindicated in my charges against MK. All of you who have lambasted me and my views can SUCK ON IT!
Join Date: Aug 2007
Location: Right side
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Very sad to see another freight carrier down the tubes.A lot of really great aviators that flew for the airline.Really great blokes.Lets hope that they all find greener pastures.
