Royal QLD Aero Club in VA
Join Date: Apr 2008
Location: Australia
Age: 51
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I think you miss the point that the administrators work for the SECURED creditors.
You can bet your bottom dollar...............
The whole lot has been valued, and a fire sale value has also been established with the secured creditors.
AAA has made an offer above the fire sale value, so the secured creditors have counted thier beans and accepted the offer (read lower loss).
The unsecured creditors are free to bounce up and down.
Happens all the time mate.
You can bet your bottom dollar...............
The whole lot has been valued, and a fire sale value has also been established with the secured creditors.
AAA has made an offer above the fire sale value, so the secured creditors have counted thier beans and accepted the offer (read lower loss).
The unsecured creditors are free to bounce up and down.
Happens all the time mate.
Join Date: Nov 2008
Location: australia
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jas24zzk, I am sure we are all clear on what the Administrators are supposed to do. However the tarmac rumors at YBAF indicate that subsequent to the DOCA being executed back some months ago, the Administrators have progressed other undertakings with the purchaser that may well reduce the range of the amount available in the dollar to the secured creditors that they were expecting.
But confidentiality stops disclosure of any of these rumoured arrangements. Meanwhile Pilot Partners are still being paid to amble along.
But confidentiality stops disclosure of any of these rumoured arrangements. Meanwhile Pilot Partners are still being paid to amble along.
Nope, looks like the new buyers have scarpered and failed to fulfil their end of the contract. May go to liquidation. Almost a full year now, disgusting mismanagement by the administrators of the DOCA (Pilot Partners).
And before anyone goes on about libel issues let me say that I don't care! The bastards owe me a lot of money and I will say my piece without fear.
And before anyone goes on about libel issues let me say that I don't care! The bastards owe me a lot of money and I will say my piece without fear.
Join Date: Nov 2008
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The powers that be are having posts of the facts taken down.The facts were in a "notice to creditors" sent to members of RQAC and are therefore not "in confidence". Nor are they rumours.
The purchaser has failed to pay the funds by the extended deadline of 12 Jan 2017 and are not considered by Pilot Partners likely to complete the sales agreement which is now terminated.
Pilot Partners have no choice but to call a meeting of creditors to either vary the DOCA (if they have another purchaser up their sleeve) or liquidate the company.
The former CEO and his "holding team" have been paid out of monies lodged by the purchaser to date for quite a long time - all to no avail.
Any goodwill value of the Airline Academy of Australia which they hoped to continue I think has long evaporated.
Contracts they had with GU, USQ etc, have gone to other providers so there is nothing there. The fleet and Sims are owned by the banks, the buildings by AAC, so all that is left is a few goods and chattels which at a firesale auction won't amount to much.
The staff will get something out of the Federal Govt scheme if its liquidated, but unfortunately the other creditors won't be able to expect much. Like the banner of the Brisbane demolition guys of the past (Deen Brothers) - "we only leave you the memories"
Join Date: Nov 2008
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The creditors meeting on 13 March approved a new sales and purchasing agreement. The Purchaser has paid in an additional $ 560K (non refundable) making a total so far of about $1.4M (non refundable) to keep the show ticking over and pay Pilot Partners.
The purchaser and their third party guarantor have until 31st March 2017 to pay the settlement fee of about $3.0M to finalise the deal.
Inching closer so hopefully some money soon coming the way of the creditors after nearly a year since the start of the VA
The purchaser and their third party guarantor have until 31st March 2017 to pay the settlement fee of about $3.0M to finalise the deal.
Inching closer so hopefully some money soon coming the way of the creditors after nearly a year since the start of the VA
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The $3M payment was not made by 31 st March. A new payment date extension has apparently been set at 19 April 2017. The Purchasers are apparently OS (HK ?) trying to secure the funds.
Archerfield Airport Corp listed the former RQAC premises (Clubhouse, hangar 1 and Aeroport) for lease in the Friday 7th April Australian and Courier Mail.
Will the purchasers kiss goodbye to the $1.4 M non-refundable they have paid to date or will they get over the line ?
Anyone's guess?
Archerfield Airport Corp listed the former RQAC premises (Clubhouse, hangar 1 and Aeroport) for lease in the Friday 7th April Australian and Courier Mail.
Will the purchasers kiss goodbye to the $1.4 M non-refundable they have paid to date or will they get over the line ?
Anyone's guess?
Join Date: Nov 2008
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Creditors meeting held on the 20th April. The Chinese have walked away and did not settle the $3M, having plunged in circa $1.4M to date which was not refundable (probably all gone anyway).
However, there is another offer on the table, from the East Coast of the USA.
They have to pay around $300k in 7 days to keep in the game, if not at a further creditors meeting about mid-May it will be wound up. The Aussie representative of the new offer is none other than the CEO who was at the helm of the show when RQAC/AAA/ATAE when into VA in March 2016!
However, there is another offer on the table, from the East Coast of the USA.
They have to pay around $300k in 7 days to keep in the game, if not at a further creditors meeting about mid-May it will be wound up. The Aussie representative of the new offer is none other than the CEO who was at the helm of the show when RQAC/AAA/ATAE when into VA in March 2016!
Join Date: Oct 2016
Location: Brisbane
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Creditors meeting held on the 20th April. The Chinese have walked away and did not settle the $3M, having plunged in circa $1.4M to date which was not refundable (probably all gone anyway).
However, there is another offer on the table, from the East Coast of the USA.
They have to pay around $300k in 7 days to keep in the game, if not at a further creditors meeting about mid-May it will be wound up. The Aussie representative of the new offer is none other than the CEO who was at the helm of the show when RQAC/AAA/ATAE when into VA in March 2016!
However, there is another offer on the table, from the East Coast of the USA.
They have to pay around $300k in 7 days to keep in the game, if not at a further creditors meeting about mid-May it will be wound up. The Aussie representative of the new offer is none other than the CEO who was at the helm of the show when RQAC/AAA/ATAE when into VA in March 2016!
I would imagine that everyone has probably moved on so wouldn't it be eaiser starting a new school if that was your intension. Any thoughts?