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Old 24th Oct 2012, 18:47   #1 (permalink)
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Iceland Express done - Holiday Czeck Airlines grounded in KEF

It had to happen. Iceland Express's (IEX) owner has folded and abandoned the money drain. Now, the local authorities have grounded an A320 from Holiday Czeck Airlines because of unpaid airport charges, which IEX should have covered.

WOW Air has taken over all of IEX's schedule, dropping some destinations and planning further adjustments.

All the best wishes to the former staff at IEX and Holiday Czeck Airlines! You did a hell'uva job

Last edited by Commander; 24th Oct 2012 at 22:11.
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Old 24th Oct 2012, 19:49   #2 (permalink)
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My commiserations to all employees at IEX. I enjoyed your company and professionalism during my 2 'goes' in Iceland with Ashtrays-are-us. Best wishes for a recovery to all.
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Old 24th Oct 2012, 21:03   #3 (permalink)
 
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end of the summer season strikes again??
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Old 24th Oct 2012, 23:11   #4 (permalink)
 
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I think this goes back to the disastrous outcome of summer of 2011 which eventually led to the demise of Astraeus, compounded by overcapacity and a pricewar with WOW Air this summer. Poor scheduling and too fast growth contributed.

Last edited by oceancrosser; 24th Oct 2012 at 23:12.
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Old 24th Oct 2012, 23:48   #5 (permalink)
 
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Oh ! And it has nothing to do with an Icelandic businessman who has been a star player in the downfall of Astraeus and Sterling ?

A year ago I predicted the end of the airline that got the Icland Express contract after Astraeus, it just happend faster than most of us expected.
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Old 25th Oct 2012, 00:09   #6 (permalink)
 
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Iceland Express done -

I just got an email from an old friend who had summed up the financial losses that
the owner of Iceland Express had incurred on himself in his strive to be a Northern
European man of the skies. His losses are around 200 million USD during his 8 year stint
in the air transport business. Most of these funds come from the defunct investment
company Fons that owes its creditors 6-700 million USD. Fons however managed to pay
the owners some dividends ( the legality of those payments are in the courts these
days in Reykjavik ) to the tune of 50 - 60 million USD. These funds were at some stage
transferred to Luxembourg bank accounts of a Cayman Islands registered company.
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Old 25th Oct 2012, 00:36   #7 (permalink)
 
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Still, WOW does not posess an AOC on its own and has to wetlease aircraft from ACMI providers...
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Old 25th Oct 2012, 01:51   #8 (permalink)
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I am with BOAC here

I spent a lot of time with you folks thrashing to and from Stansted and Keflavik.... Great people and I wish you all well. Thank you for the warm reception you gave us all.

You were let down by greedy people who had very little knowledge of the airline business.
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Old 25th Oct 2012, 08:39   #9 (permalink)
 
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My outrage that onece more the same name is prominent in another airline bankruptcy is only tempered by the knowlage that a lot of good aviation professionals are now out of a job.

Ashland so you are telling me that 600-700M USD has gone missing from an investment company but the dividends of 50-60 M USD have some how found their way to the Cayman islands?

Perhaps some people may find this transaction a little strange as dividends are Normaly paid out of company Proffit.

Last edited by A and C; 25th Oct 2012 at 09:40.
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Old 25th Oct 2012, 09:40   #10 (permalink)

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Curiously worded press release from WOW

WOW air acquires Iceland Express - WOW air
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Old 25th Oct 2012, 10:01   #11 (permalink)
 
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Quote:
You were let down by greedy people who had very little knowledge of the airline business.
Or maybe way too much knowledge and not enough business ethics?
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Old 25th Oct 2012, 10:05   #12 (permalink)
 
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With the mamagent Team that WOW have in place what an posabley go wrong?

After all at least one of them presided over the change in Iceland express handling agents at KEF in June 2011, it was such a smooth transition that it was taking 2-3 hours to load an aircraft and get the load sheet.

Last edited by A and C; 25th Oct 2012 at 10:06.
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Old 25th Oct 2012, 10:19   #13 (permalink)
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A little (not-unexpected) disruption to schedules ex KEF this am. It looks as if 'Holidays Czech' are still 'contracted' to WOW with A320s.
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Old 25th Oct 2012, 11:47   #14 (permalink)
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Make that a 'little' more than 'little'
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Old 25th Oct 2012, 12:28   #15 (permalink)
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WOW appear to be using the Avion Express a/c today flight code 'X'
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Old 25th Oct 2012, 13:47   #16 (permalink)
 
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The codes for Avion Express are X9/NVD, using pretty early model 320s, lease rates for "older" 320s are pretty low nowadays.

Last edited by oceancrosser; 25th Oct 2012 at 13:52.
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Old 25th Oct 2012, 18:39   #17 (permalink)
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Just heard from one of my C/crew contacts there

"we are all now without jobs... only few people from the office will get jobs with Wow"

Bad times..
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Old 25th Oct 2012, 20:14   #18 (permalink)
 
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Goodbye and good riddance. A few good folk but most thought a job was their god given right.
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Old 25th Oct 2012, 21:36   #19 (permalink)
 
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Goodbye and good riddance. A few good folk but most thought a job was their god given right.
Do you care to explain?
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Old 26th Oct 2012, 10:27   #20 (permalink)
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Sorry to hear anybody out of a job, but
That icelandic has clearly got what was coming to him.
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czeck airlines, iceland, iceland express, keflavik

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