TRANSAER ARE NO MORE ??
Guest
Posts: n/a
For the sake of all aviation suppliers, aircrew, travellers and everyone else even remotely connected to the aviation industry, let's hope those wishing to fill the void left by Transaer's demise are capable, decent and honest individuals.
Let's compile an A-Z of those who lack credibility in every possible manner.......... and to make it easy, let's start with the letter "G".
Let's compile an A-Z of those who lack credibility in every possible manner.......... and to make it easy, let's start with the letter "G".
Guest
Posts: n/a
No real surprise here.
Cant run a big enterprise like a corner shop....
I bet PJM is safe out of this unlike the workers.
Its Transmeridian and bad management that sent them bust not kosovo...
[This message has been edited by Flashgit (edited 21 October 2000).]
Guest
Posts: n/a
It all started a month ago when TransMed filled for chapter 11 protection. TMA had several management changes in as many years. PJ & some US customers kept bailing them out. Most people were amazed that they lasted so long. This is the only reason TLA have gone.
Guest
Posts: n/a
>A bad, sad day for all at Transaer, whether in Gatwick, Dublin, Manchester, Stansted, Cuba, Cairo, Belfast, Libya, Paris or wherever. A good friendly company, with very few t0ssers. Good luck everyone.
FULL COPY OF LETTER FROM PJ MCGOLDRICK/WILLIE O'BYRNE
> Important Notice
>
>
> To all staff,
>
> I regret to have to advise you that all commercial aircraft operations
> ceased on the instructions of the board following their meeting today.
> Ferry flights are underway to redeliver all aircraft according to lessors
> instructions on a best endeavours basis. A review of the company's
> financial outlook clearly demonstrated to the directors that the cash
> position was critical and that contacts with various interested investors
> did not offer a reasonable prospect, in our honest opinion, of delivering
> funds into the company within a timeframe acceptable to the company's
> creditors.
>
> The source of TransAer's problems were:
>
> * The overhang from last year of losses arising from the war in Kosovo
> and its impact on the Greek, German and Turkish markets
> * The application to the US court in late September by TransMeridian
> Inc. for protection under Chapter 11 of the Bankruptcy code there. You are
> aware that TransAer has invested $20m over the life of this airline.
>
> The breakdown of merger discussions with HeavyLift Cargo Airlines which
> could have delivered funding and synergies, and in particular their
> withdrawal of a short term facility designed to bridge the airline until
> all aspects of the deal concluded, escalated a difficult situation to the
> present impossible circumstances.
>
> The tragedy of the situation for staff, shareholders and the company's
> wider stakeholders is that the company has returned to profit this year
> and is within days of finishing a successful summer season; operationally,
> commercially, and technically. Indeed TransAer has posted an operating
> profit for six years out of seven, but unfortunately did not have the
> financial reserves to withstand the shocks of Kosovo and TransMeridian's
> difficulties.
>
> Later today if it can be achieved, an application will be filed in the
> High Court in Dublin seeking the appointment of a provisional liquidator
> to conduct an orderly winding up of the company's affairs. At that stage
> the executive authority vested in the directors passes over as does the
> 'accountable manager' responsibility. We are handing over to his care an
> organisation, which is professional and capable and paid up to the month
> end. From hereon it must be his decision as to who he needs to retain, and
> for how long. He will also act as a guarantor of all our statutory rights
> including payment for work done after 31st October.
>
> In these circumstances, everyone will be concerned for their colleagues
> posted to away from base locations. We can advise you that rather than
> take chances with the attitude of the liquidator to this highest priority
> task, we have this afternoon put Donnybrook Travel into funds which will
> adequately cover all expenses incurred in bringing staff home.
>
> Finally, given the devastating implications today's development has for
> all our jobs, PJ has made arrangements with Barry Murphy in AIR to set up
> a placement assistance service. Without exception, TransAer's team of
> staff have displayed professional care and attention to their tasks and
> given the healthy state particularly of the Irish economy, we are
> convinced that new employment can be quickly found. More details on
> accessing this service will be made available on Monday.
>
> With the passage of time, our reflections on the TransAer experience will
> be balanced in terms of good times and bad. It is impossible for us today
> after the frantic efforts and long hours of the last week to be objective
> in that way. However it would be wrong to close this last formal
> communication with you as Executives without thanking you for all your
> support and hard work in a common cause. We are devastated that we have
> not been able on this occasion to find a way through.
>
>
>
> PJ McGoldrick, Willie O'Byrne
> Chairman. Chief Executive.
>
>
> 20th October 2000
>
Guest
Posts: n/a
The link to the Irish Times story this morning is:
http://www.ireland.com/newspaper/fro.../1021/fro2.htm
http://www.ireland.com/newspaper/fro.../1021/fro2.htm
Guest
Posts: n/a
"runkari"
Well said!! Do remember that you'll also need to cross-index your entry under "G" with an entry under "T", as "Justin Abeaver" rightly pointed-out!!!
From what I heard recently, some seen-as prospective financiers for a certain L1011 operation decided that they could make a better return on their money by going to Las Vegas and playing the tables!!!
To the Transaer mob: A very sad day, my deepest sympathies to you all.
Well said!! Do remember that you'll also need to cross-index your entry under "G" with an entry under "T", as "Justin Abeaver" rightly pointed-out!!!
From what I heard recently, some seen-as prospective financiers for a certain L1011 operation decided that they could make a better return on their money by going to Las Vegas and playing the tables!!!
To the Transaer mob: A very sad day, my deepest sympathies to you all.
Joined: Jan 1999
Posts: 6,209
Likes: 2
From: north of barlu
A sad day for all at Transaer,having gone down this path with Debonair only a year ago i feel for all involved,but you should all take encoragement from the fact that the economy is strong and that just like the guys from debonair you should all find jobs very quickly.
Good luck to you all.
Good luck to you all.
Guest
Posts: n/a
Yeah,
Some of us who were directly competing with Transmeridian were suprised how long it took for them to collapse as well. I didn't realize just how much money they had pulled out of Transaer. No wonder it took so long. To bad Transaer couldn't cut the cord in time to save themselves.
Cheers
Wino
PS. Multi-X, Im gonna be in Manchester for a couple of days at the end of November, drop me an email so we can cooridinate.
Some of us who were directly competing with Transmeridian were suprised how long it took for them to collapse as well. I didn't realize just how much money they had pulled out of Transaer. No wonder it took so long. To bad Transaer couldn't cut the cord in time to save themselves.
Cheers
Wino
PS. Multi-X, Im gonna be in Manchester for a couple of days at the end of November, drop me an email so we can cooridinate.
Guest
Posts: n/a
[email protected]
Now everyone can guess how I got my handle too <G>
Cheers
Andy (Wino) Weingram
Now everyone can guess how I got my handle too <G>
Cheers
Andy (Wino) Weingram
Guest
Posts: n/a
Thought this may be of interest .......
<<...>>
--------------------------------------------- Important Notice
To all staff,
I regret to have to advise you that all commercial aircraft operations
ceased on the instructions of the board following their meeting
today.
Ferry flights are underway to redeliver all aircraft according
to
lessors instructions on a best endeavours basis. A review of
the
company's financial outlook clearly demonstrated to the directors
that
the cash position was critical and that contacts with various
interested
investors did not offer a reasonable prospect, in our honest
opinion, of
delivering funds into the company within a timeframe acceptable
to the
company's creditors.
The source of TransAer's problems were:
* The overhang from last year of losses arising from the war
in
Kosovo and its impact on the Greek, German and Turkish markets
* The application to the US court in late September by
TransMeridian Inc. for protection under Chapter 11 of the Bankruptcy
code there. You are aware that TransAer has invested $20m over
the life
of this airline.
The breakdown of merger discussions with HeavyLift Cargo Airlines
which
could have delivered funding and synergies, and in particular
their
withdrawal of a short term facility designed to bridge the airline
until
all aspects of the deal concluded, escalated a difficult situation
to
the present impossible circumstances.
The tragedy of the situation for staff, shareholders and the
company's
wider stakeholders is that the company has returned to profit
this year
and is within days of finishing a successful summer season;
operationally, commercially, and technically. Indeed TransAer
has
posted an operating profit for six years out of seven, but unfortunately
did not have the financial reserves to withstand the shocks of
Kosovo
and TransMeridian's difficulties.
Later today if it can be achieved, an application will be filed
in the
High Court in Dublin seeking the appointment of a provisional
liquidator
to conduct an orderly winding up of the company's affairs. At
that stage
the executive authority vested in the directors passes over as
does the
'accountable manager' responsibility. We are handing over to
his care an
organisation, which is professional and capable and paid up to
the month
end. From hereon it must be his decision as to who he needs to
retain,
and for how long. He will also act as a guarantor of all our
statutory
rights including payment for work done after 31st October.
In these circumstances, everyone will be concerned for their
colleagues
posted to away from base locations. We can advise you that rather
than
take chances with the attitude of the liquidator to this highest
priority task, we have this afternoon put Donnybrook Travel into
funds
which will adequately cover all expenses incurred in bringing
staff
home.
Finally, given the devastating implications today's development
has for
all our jobs, PJ has made arrangements with Barry Murphy in AIR
to set
up a placement assistance service. Without exception, TransAer's
team
of staff have displayed professional care and attention to their
tasks
and given the healthy state particularly of the Irish economy,
we are
convinced that new employment can be quickly found. More details
on
accessing this service will be made available on Monday.
With the passage of time, our reflections on the TransAer experience
will be balanced in terms of good times and bad. It is impossible
for
us today after the frantic efforts and long hours of the last
week to be
objective in that way. However it would be wrong to close this
last
formal communication with you as Executives without thanking
you for all
your support and hard work in a common cause. We are devastated
that we
have not been able on this occasion to find a way through.
PJ McGoldrick, Willie O'Byrne
Chairman. Chief Executive.
20th October 2000
<<...>>
--------------------------------------------- Important Notice
To all staff,
I regret to have to advise you that all commercial aircraft operations
ceased on the instructions of the board following their meeting
today.
Ferry flights are underway to redeliver all aircraft according
to
lessors instructions on a best endeavours basis. A review of
the
company's financial outlook clearly demonstrated to the directors
that
the cash position was critical and that contacts with various
interested
investors did not offer a reasonable prospect, in our honest
opinion, of
delivering funds into the company within a timeframe acceptable
to the
company's creditors.
The source of TransAer's problems were:
* The overhang from last year of losses arising from the war
in
Kosovo and its impact on the Greek, German and Turkish markets
* The application to the US court in late September by
TransMeridian Inc. for protection under Chapter 11 of the Bankruptcy
code there. You are aware that TransAer has invested $20m over
the life
of this airline.
The breakdown of merger discussions with HeavyLift Cargo Airlines
which
could have delivered funding and synergies, and in particular
their
withdrawal of a short term facility designed to bridge the airline
until
all aspects of the deal concluded, escalated a difficult situation
to
the present impossible circumstances.
The tragedy of the situation for staff, shareholders and the
company's
wider stakeholders is that the company has returned to profit
this year
and is within days of finishing a successful summer season;
operationally, commercially, and technically. Indeed TransAer
has
posted an operating profit for six years out of seven, but unfortunately
did not have the financial reserves to withstand the shocks of
Kosovo
and TransMeridian's difficulties.
Later today if it can be achieved, an application will be filed
in the
High Court in Dublin seeking the appointment of a provisional
liquidator
to conduct an orderly winding up of the company's affairs. At
that stage
the executive authority vested in the directors passes over as
does the
'accountable manager' responsibility. We are handing over to
his care an
organisation, which is professional and capable and paid up to
the month
end. From hereon it must be his decision as to who he needs to
retain,
and for how long. He will also act as a guarantor of all our
statutory
rights including payment for work done after 31st October.
In these circumstances, everyone will be concerned for their
colleagues
posted to away from base locations. We can advise you that rather
than
take chances with the attitude of the liquidator to this highest
priority task, we have this afternoon put Donnybrook Travel into
funds
which will adequately cover all expenses incurred in bringing
staff
home.
Finally, given the devastating implications today's development
has for
all our jobs, PJ has made arrangements with Barry Murphy in AIR
to set
up a placement assistance service. Without exception, TransAer's
team
of staff have displayed professional care and attention to their
tasks
and given the healthy state particularly of the Irish economy,
we are
convinced that new employment can be quickly found. More details
on
accessing this service will be made available on Monday.
With the passage of time, our reflections on the TransAer experience
will be balanced in terms of good times and bad. It is impossible
for
us today after the frantic efforts and long hours of the last
week to be
objective in that way. However it would be wrong to close this
last
formal communication with you as Executives without thanking
you for all
your support and hard work in a common cause. We are devastated
that we
have not been able on this occasion to find a way through.
PJ McGoldrick, Willie O'Byrne
Chairman. Chief Executive.
20th October 2000
Guest
Posts: n/a
The collapse of Transaer brings to mind the passing of the following airlines in my career span: British Eagle, Court Line, Channel, Invicta, Donaldson, Lloyd Intl. Templewood, Laker, Danair, Air Europe, Redcoat, Pelican, Scimitar, Anglo Cargo, IAC, Transmeridian, Tradewinds, Air Wales, Ambassador, Air Manchester, Nova, BIA, Imperial, Orion, Euro Direct, Debonair, Excalibur and I've missed a few. Carl Ichan, who used to own TWA, once said anyone investing their money in airline is a fool.
Anyone thinking of buying share in Easijet when it floats should think again.
Anyone thinking of buying share in Easijet when it floats should think again.
... Reminds me of the day it happened to me. Don't think it will be but I hope it's the last for a long time!!