European Aviation Problems (Merged)
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If a syndicate wished to purchase part or all of the assets of EAL, how long do they have before the company could be wound up?
I understand that there is some sort of CVR meeting April 7.
I understand that there is some sort of CVR meeting April 7.
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I have read the Moore Stephens 'EAAC - Proposed Company Voluntary Arrangement 17/3/04' document as provided to creditors...and have found a number of issues which maybe of interest/worthy of comment to those involved (as an outsider reading this thread on Pprune, pls dont ask me to give u chapter and verse however this document is I believe public domain and filed in the Birmingham District Registry of the High Court)
Steven Woodland - mentioned many times above as 'handed control' - his name doesn't appear on the list of past /present Directors of EAAC - Appendix B Statutory Information?!
Those owed 'wages' are considered 'Preferential Creditors' and as such are being given 100% under the CVA (albeit in 3 payments upto 2005) or 97% in the case of a Liquidation - I cannot comment on the situation/legalities/intent of the administrators with regard to those made 'Redundant' - this is not clear (to me anyway) in the document.
However 'Notes To Statement of Affairs' section 4 Intercompany Debtors;
European Formula Racing (EFR) - £5,689,000
European Aviation - £454,000
Note says 'EFR is dormant with no assets. European Aviation Ltd. is unable to discharge the balance at present and the balance has therefore been provided for'
So one assumes money went to the/a racing team and cannot/ will not be recoverable?!
This is not an easy document to read or interpret
Steven Woodland - mentioned many times above as 'handed control' - his name doesn't appear on the list of past /present Directors of EAAC - Appendix B Statutory Information?!
Those owed 'wages' are considered 'Preferential Creditors' and as such are being given 100% under the CVA (albeit in 3 payments upto 2005) or 97% in the case of a Liquidation - I cannot comment on the situation/legalities/intent of the administrators with regard to those made 'Redundant' - this is not clear (to me anyway) in the document.
However 'Notes To Statement of Affairs' section 4 Intercompany Debtors;
European Formula Racing (EFR) - £5,689,000
European Aviation - £454,000
Note says 'EFR is dormant with no assets. European Aviation Ltd. is unable to discharge the balance at present and the balance has therefore been provided for'
So one assumes money went to the/a racing team and cannot/ will not be recoverable?!
This is not an easy document to read or interpret
Last edited by Boss Raptor; 28th Mar 2004 at 15:42.
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Boss Raptor
Many thanks for confirming what Moore Stephens haven't confirmed - that I am a 'Preferential Creditor' and as such I don't mind losing 3% of what I am owed to see the b
d go down. I have just spent another hour going through all the paperwork and still don't understand it. Do you think they would post me something in plain English if I asked?
Yes, I am sorry for the people who are still employed by European but I don't think they will be there for long. They are a great bunch and if they have any sense will be looking for alternative employment.
Haven't the 737-200's got to be grounded next year because of noise problems? If so where is European going to get the money to buy replacement aircraft? Also aren't Bath Travel in talks with Jet 2 to take over their flying contracts after the summer season?
Perhaps someone could put me right on the above if I have got it all wrong. Mmmm, if David Blake were around he would probably post something on this site but as he is on holiday for a month..................
Shame he probably won't be at the creditors meeting as I would enjoy coming face to face with the rat.
Many thanks for confirming what Moore Stephens haven't confirmed - that I am a 'Preferential Creditor' and as such I don't mind losing 3% of what I am owed to see the b
d go down. I have just spent another hour going through all the paperwork and still don't understand it. Do you think they would post me something in plain English if I asked?Yes, I am sorry for the people who are still employed by European but I don't think they will be there for long. They are a great bunch and if they have any sense will be looking for alternative employment.
Haven't the 737-200's got to be grounded next year because of noise problems? If so where is European going to get the money to buy replacement aircraft? Also aren't Bath Travel in talks with Jet 2 to take over their flying contracts after the summer season?
Perhaps someone could put me right on the above if I have got it all wrong. Mmmm, if David Blake were around he would probably post something on this site but as he is on holiday for a month..................
Shame he probably won't be at the creditors meeting as I would enjoy coming face to face with the rat.
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I hope the employment search is showing some hope.
My family friend / advisor is watching this with interest.
His view is that PGS is likely to make a very low offer for the assets of EAAC on the basis of the outcome of the Creditor's Agreement. This would be done by European Skybus Ltd - the company that owns the 747s and one 737 (GPFI).
If he succeeded in doing so then PGS will have managed to shed the debt of EAAC and able to start again through European Skybus with an almost-clean sheet of paper.
It may be legal but I personally consider this immoral to say the least. An airline with no debts could then start to prop up the F1 team again.......
Why are all of those owed money continuing to put up with this charade and accept a settlement of 6p in the £ - which is less than you would probably get under a liquidation.
I know this may be hard for those still employed at EAAC but I don't think we should act like a bunch of sheep allowing the wool be pulled over our eyes.
My family friend / advisor is watching this with interest.
His view is that PGS is likely to make a very low offer for the assets of EAAC on the basis of the outcome of the Creditor's Agreement. This would be done by European Skybus Ltd - the company that owns the 747s and one 737 (GPFI).
If he succeeded in doing so then PGS will have managed to shed the debt of EAAC and able to start again through European Skybus with an almost-clean sheet of paper.
It may be legal but I personally consider this immoral to say the least. An airline with no debts could then start to prop up the F1 team again.......
Why are all of those owed money continuing to put up with this charade and accept a settlement of 6p in the £ - which is less than you would probably get under a liquidation.
I know this may be hard for those still employed at EAAC but I don't think we should act like a bunch of sheep allowing the wool be pulled over our eyes.
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In the contract
Basil
Are they not offering Business Class for the 'elite' group?! It seems like you had an easy ride at European. I'm sure most will agree that cabin crew work just as hard, if not harder than flight crew, so why should you have such priviladges?! You are already getting paid far more.
Maybe larger airlines can afford to spend money on pampering their crew. Smaller ones cannot. You should have been more grateful.
As for taking European to a tribunal. It may seem like a good option at the moment, but if you want to stand any chance in getting what you are owed, send in those forms like asked. Providing European doesn't go completely down the tubes, you will see a larger pay-out.
Spare a thought for those who are still employed, trying to keep the company afloat and giving us a chance of some compensation.
Are they not offering Business Class for the 'elite' group?! It seems like you had an easy ride at European. I'm sure most will agree that cabin crew work just as hard, if not harder than flight crew, so why should you have such priviladges?! You are already getting paid far more.
Maybe larger airlines can afford to spend money on pampering their crew. Smaller ones cannot. You should have been more grateful.
As for taking European to a tribunal. It may seem like a good option at the moment, but if you want to stand any chance in getting what you are owed, send in those forms like asked. Providing European doesn't go completely down the tubes, you will see a larger pay-out.
Spare a thought for those who are still employed, trying to keep the company afloat and giving us a chance of some compensation.
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Because in this particular case as detailed in the CVA document under Liquidation an unsecured creditor will get 0p, whereas under CVA 6p (big deal...)
Agree with all the sentiments above and PGS has...he gets all the assets valued at £157,000 from the £1 million he is to put in...but it's legal...that's the problem/situation...and walking away from £19 million (or is that £23 million...it varies thru' the doc.) in unsecured debts at 6p in the £...at least that's how I read it
PS. Spare a thought?! - for the unsecured creditors who have supplied goods and services to keep EAAC going this far and are taking a dump at 6p in the pound...and no doubt in some cases are causing severe problems for their businesses and their employees...one hell of a subsidy!
Agree with all the sentiments above and PGS has...he gets all the assets valued at £157,000 from the £1 million he is to put in...but it's legal...that's the problem/situation...and walking away from £19 million (or is that £23 million...it varies thru' the doc.) in unsecured debts at 6p in the £...at least that's how I read it
PS. Spare a thought?! - for the unsecured creditors who have supplied goods and services to keep EAAC going this far and are taking a dump at 6p in the pound...and no doubt in some cases are causing severe problems for their businesses and their employees...one hell of a subsidy!
snowbird69 (hope you managed one at Salt Lake 
),
1. I didn't introduce the 'elitist' term, Crewing Doctor did; I merely responded to it - slightly tongue-in-cheek. Suggest re-read.
2. If you are referring to the AAI terms, I stand by my posting.
3. <<why should you have such priviladges?! You are already getting paid far more.>> Not sure if I can make any meaningful response to the politics of envy other than to suggest you pass your exams and train as a pilot. It isn't as easy as you may think.
4. <<You should have been more grateful.>> I will try to be more humble in future.
5. <<trying to keep the company afloat >> So EAAC Ops, Crewing, Commercial staff and most of all, Stoddy will suddenly convert to being knowledgeable, efficient, pro-active and release required spares? - may have happened on the road to Damascus but I don't see it on the road to the Hotel du Vin.
(edited to say that 5. certainly does not apply to all
)
),1. I didn't introduce the 'elitist' term, Crewing Doctor did; I merely responded to it - slightly tongue-in-cheek. Suggest re-read.
2. If you are referring to the AAI terms, I stand by my posting.
3. <<why should you have such priviladges?! You are already getting paid far more.>> Not sure if I can make any meaningful response to the politics of envy other than to suggest you pass your exams and train as a pilot. It isn't as easy as you may think.
4. <<You should have been more grateful.>> I will try to be more humble in future.
5. <<trying to keep the company afloat >> So EAAC Ops, Crewing, Commercial staff and most of all, Stoddy will suddenly convert to being knowledgeable, efficient, pro-active and release required spares? - may have happened on the road to Damascus but I don't see it on the road to the Hotel du Vin.
(edited to say that 5. certainly does not apply to all
)
Last edited by Basil; 28th Mar 2004 at 20:28.
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For the record..... just in case anybody at EAC is in doubt about why their jobs went down the crapper....... do the math on the time line:
Nb. the above is from Excel's web site
News
February 20, 2004
Excel Airways announces major new investment.
EAG announces that Flugfelagid Atlanta hf d/b/a Air Atlanta Icelandic ("Air Atlanta") has made a £29.9 million offer to Libra Holidays Group Ltd ("Libra") for the purchase of its holding of 38.9 million shares in EAG, representing 40.5% of the issued share capital. Subject to CAA approval, ratification by the Board of Directors of Air Atlanta and the approval of the shareholders of Libra, completion is expected by 15 March 2004.
Libra, which has indebtedness to EAG`s subsidiary, Excel Aviation of £15.78 million, agrees to repay in full all amounts outstanding from the proceeds of the share sale. Additionally, Libra has entered into a long term agreement with Excel Aviation for the supply of future seat capacity.
Following the purchase by Air Atlanta of EAG shares, Libra will hold 37,439,566 shares representing 39% of the issued share capital. The Panel on Takeovers and Mergers, having received notice from shareholders holding over 50 per cent of the issued share capital of EAG (including Libra in respect of the balance of its remaining shares) that they would not accept an offer from Air Atlanta on the above terms, has granted a dispensation from the mandatory bid requirements of the Takeover Code in respect of the aforementioned purchase of shares by Air Atlanta. The management team will retain their shares representing 18.2%.
Air Atlanta is the largest wet lease charter airline in the world and is the major supplier of Boeing aircraft leased by EAG`s subsidiary Excel Airways for summer only use. During summer 2004, nine aircraft will be leased from Air Atlanta and as part of the share sale arrangement, a five year commercial agreement will be signed for the supply of summer only aircraft to Excel Airways. Air Atlanta`s turnover in 2003 amounted to Euros 240 million* and its assets at the beginning of 2004 were Euros 80 million*.
As well as providing Excel with a long term source of flexible seasonal capacity, Air Atlanta with their skill and experience in operating in the worldwide wet lease market will be able to assist Excel in exporting its successful business model to other parts of the world. The opportunities for jointly accessing potential economies of scale will be vigorously pursued by both airlines as a result of this partnership.
Phil Wyatt, Chief Executive, commenting on the transaction said:
"With Air Atlanta now becoming a significant shareholder in EAG, we are able to secure a very important trade partner who has provided substantial funds to Libra to facilitate a full repayment of its indebtedness to EAG. At the same time, Libra, who is an important customer of Excel Aviation, will have realised a significant gain on their investment."
For further information, please contact:
Richard Darby, Suzanne Brocks
Buchanan Communications 020 7466 5000
* as supplied by Air Atlanta
February 20, 2004
Excel Airways announces major new investment.
EAG announces that Flugfelagid Atlanta hf d/b/a Air Atlanta Icelandic ("Air Atlanta") has made a £29.9 million offer to Libra Holidays Group Ltd ("Libra") for the purchase of its holding of 38.9 million shares in EAG, representing 40.5% of the issued share capital. Subject to CAA approval, ratification by the Board of Directors of Air Atlanta and the approval of the shareholders of Libra, completion is expected by 15 March 2004.
Libra, which has indebtedness to EAG`s subsidiary, Excel Aviation of £15.78 million, agrees to repay in full all amounts outstanding from the proceeds of the share sale. Additionally, Libra has entered into a long term agreement with Excel Aviation for the supply of future seat capacity.
Following the purchase by Air Atlanta of EAG shares, Libra will hold 37,439,566 shares representing 39% of the issued share capital. The Panel on Takeovers and Mergers, having received notice from shareholders holding over 50 per cent of the issued share capital of EAG (including Libra in respect of the balance of its remaining shares) that they would not accept an offer from Air Atlanta on the above terms, has granted a dispensation from the mandatory bid requirements of the Takeover Code in respect of the aforementioned purchase of shares by Air Atlanta. The management team will retain their shares representing 18.2%.
Air Atlanta is the largest wet lease charter airline in the world and is the major supplier of Boeing aircraft leased by EAG`s subsidiary Excel Airways for summer only use. During summer 2004, nine aircraft will be leased from Air Atlanta and as part of the share sale arrangement, a five year commercial agreement will be signed for the supply of summer only aircraft to Excel Airways. Air Atlanta`s turnover in 2003 amounted to Euros 240 million* and its assets at the beginning of 2004 were Euros 80 million*.
As well as providing Excel with a long term source of flexible seasonal capacity, Air Atlanta with their skill and experience in operating in the worldwide wet lease market will be able to assist Excel in exporting its successful business model to other parts of the world. The opportunities for jointly accessing potential economies of scale will be vigorously pursued by both airlines as a result of this partnership.
Phil Wyatt, Chief Executive, commenting on the transaction said:
"With Air Atlanta now becoming a significant shareholder in EAG, we are able to secure a very important trade partner who has provided substantial funds to Libra to facilitate a full repayment of its indebtedness to EAG. At the same time, Libra, who is an important customer of Excel Aviation, will have realised a significant gain on their investment."
For further information, please contact:
Richard Darby, Suzanne Brocks
Buchanan Communications 020 7466 5000
* as supplied by Air Atlanta
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How come everyone is baying for Stoddart`s blood? Understand that there are a lot of you now redundant, or uncertain about your future. Deal with it, it has happened to a lot of people before, me included, and will happen again..........remember this is a very volatile industry.
European has been flying for 10 years, the majority of which Stoddart was at the helm. The company developed well and expanded, giving you the option to join them as they expanded.
Both the 1-11`s and the B73`s were brought in favourably, the company was making money, and none of you lot were whinging about the boss then (apart from the fact that he was tight!) The very fact that a couple of years ago Stoddart was able to take out 5million in cash shows that the job was being done properly.
There has never been a whisper of any financial trouble until 12-18 months after Stoddart had to leave the helm as the new buyout syndicate thought it the best idea.
The person that took on that role has effectively driven the company into the ground and blown the cash through bad management, no logistical planning ability.......and god knows what else.
I dont work for the company and never have done directly, but cannot understand why you all want a piece of Stoddy, when he has fed and watered you for the past 10 years. IMHO you should change the snipers aim.
Rant over..........
European has been flying for 10 years, the majority of which Stoddart was at the helm. The company developed well and expanded, giving you the option to join them as they expanded.
Both the 1-11`s and the B73`s were brought in favourably, the company was making money, and none of you lot were whinging about the boss then (apart from the fact that he was tight!) The very fact that a couple of years ago Stoddart was able to take out 5million in cash shows that the job was being done properly.
There has never been a whisper of any financial trouble until 12-18 months after Stoddart had to leave the helm as the new buyout syndicate thought it the best idea.
The person that took on that role has effectively driven the company into the ground and blown the cash through bad management, no logistical planning ability.......and god knows what else.
I dont work for the company and never have done directly, but cannot understand why you all want a piece of Stoddy, when he has fed and watered you for the past 10 years. IMHO you should change the snipers aim.
Rant over..........
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Smartercharter - Well said. All of these people whingeing should get their facts right before they post. I am sure they would all take their jobs back if offered, despite them baying for blood. In this Industry, nobody owes you a job. If it doesnt work out, move on.
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How many EAAC flight deck, if any, have actually signed up with AAI? What are they actually offering (when you sign up - not when they talk to you on the phone trying to tell you how good it is). Six months ago their package was really bad - has it improved at all? Or is it just the usual 250US/175US package that they've been offering for a long time?
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any body heard of this ''AntipodeanAirCharter'' sounds a bit to convenient for me. 2 747/200's british registered starting up end of june aus based but bases in uk aswell ex man and lgw.
lets just think a minute
74's goin cheap next week
ex european contract Austravel
australian owner?
all looks to easy!
lets just think a minute
74's goin cheap next week
ex european contract Austravel
australian owner?
all looks to easy!
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Smartercharter / Slipper 1
Perhaps the two of you should also yet your facts right.
European's difficulties started long before the date suggested by Smartercharter. In Oct/Nov 2002 the company was on the brink of financial collapse. A proposed sale of the company during 2002 had collapsed. Staff salaries were paid late in each of these months.
The company was rescued by an injection of large amounts of capital by EA holdings Ltd, who have been negotiating to buy the company since then. The failure to secure the additional financing necessary to proceed with this transaction has resulted in the current position.
There is anger directed at Stoddart because he got the company into the mess in the first place. He has taken millions out of EAAC to fund second-rate racing cars. This has added considerably to the company's lack of liquidity.
Everyone at EAAC should have had their salary for March paid into the bank today. Most of us have got nothing. If we are offered our jobs back most people would probably accept in the short term (we have no choice if we have no other source of income - the bills still have to be paid next week somehow). In the longer term I would suggest that most former employees would prefer to have nothing to do with Paul Stoddart ever again.
Perhaps the two of you should also yet your facts right.
European's difficulties started long before the date suggested by Smartercharter. In Oct/Nov 2002 the company was on the brink of financial collapse. A proposed sale of the company during 2002 had collapsed. Staff salaries were paid late in each of these months.
The company was rescued by an injection of large amounts of capital by EA holdings Ltd, who have been negotiating to buy the company since then. The failure to secure the additional financing necessary to proceed with this transaction has resulted in the current position.
There is anger directed at Stoddart because he got the company into the mess in the first place. He has taken millions out of EAAC to fund second-rate racing cars. This has added considerably to the company's lack of liquidity.
Everyone at EAAC should have had their salary for March paid into the bank today. Most of us have got nothing. If we are offered our jobs back most people would probably accept in the short term (we have no choice if we have no other source of income - the bills still have to be paid next week somehow). In the longer term I would suggest that most former employees would prefer to have nothing to do with Paul Stoddart ever again.
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Cant see the B747's ever leaving the UK to be registered elsewhere. I recall that when BA sold them to EAL at around $900K per aircraft there was a major (yes major) issue with aircraft and engine records and completeness thereof.
BA couldnt come up with a complete set of back to birth records. Any foreign register would take a pretty close look at this. Not even sure the aircraft would get an Export C of A.
Anyone else share this view?
BA couldnt come up with a complete set of back to birth records. Any foreign register would take a pretty close look at this. Not even sure the aircraft would get an Export C of A.
Anyone else share this view?
What most of the whingers would like is the 3 months pay due by law in lieu of the 3 months negotiation with staff re the cuts in staff, plus the one months notice period. This isn't greed, this is what is legally their entitlement.
What they have is a promise to pay up to 17 March and 'go forth and multiply for anything else'. Oh sorry, go and see the Govt. despite it being the employers responsibility whilst still trading, which they are.
Frankly it doesn't matter to many who stuffed up, Stoddy or the corpulent fatherless one. What is required is some acceptance of legal responsibilities, as explained by various solicitors to various groups of staff.
The crew now operating flights on the 747 have, I am told, been paid in advance. Wonder if the same deal applies to the ground staff supporting them?
To many of the redundant staff EAAC's survival is a matter of little concern, other than they want what is legally their entitlement. The fact that the CVA document looks designed to hand the airline back to Stoddy on the cheap, whilst leaving the staff high and dry and owed money doesn't make for an even tempered frame of mind.
Name calling is pointless (but might be theraputic
) and doesn't help resolve outstanding issues.
What they have is a promise to pay up to 17 March and 'go forth and multiply for anything else'. Oh sorry, go and see the Govt. despite it being the employers responsibility whilst still trading, which they are.
Frankly it doesn't matter to many who stuffed up, Stoddy or the corpulent fatherless one. What is required is some acceptance of legal responsibilities, as explained by various solicitors to various groups of staff.
The crew now operating flights on the 747 have, I am told, been paid in advance. Wonder if the same deal applies to the ground staff supporting them?
To many of the redundant staff EAAC's survival is a matter of little concern, other than they want what is legally their entitlement. The fact that the CVA document looks designed to hand the airline back to Stoddy on the cheap, whilst leaving the staff high and dry and owed money doesn't make for an even tempered frame of mind.
Name calling is pointless (but might be theraputic
) and doesn't help resolve outstanding issues.
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The Jury's out on who to hang the highest at the moment,Stoddart or Woodland. I'm expecting a call any day now to come and fly (lots of work on the horizon alledgedly). It will have to be cash up front I'm afraid Paul.
Good luck to all the folks who kept their jobs. Nice to see you all at the easyjet roadshow the other day!!
Good luck to all the folks who kept their jobs. Nice to see you all at the easyjet roadshow the other day!!
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Having followed events over the last week or so I have gone through every emotion I think. Anger that the redundant work force is having to fight for their earnings, and now great sadness that EAAC is fighting for survival.
My previous post was written in anger and without consideration for those invloved. It was my own personal view and should not have been placed, I appologise to Paul Stoddart and European.
I wish everyone good luck, and hope that you all find what you are looking for.
My previous post was written in anger and without consideration for those invloved. It was my own personal view and should not have been placed, I appologise to Paul Stoddart and European.
I wish everyone good luck, and hope that you all find what you are looking for.
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Smartercharter I could not agree more, the point of all agression appears to be PGS when it should be aimed at other parties.
How many times over the past 12 months did we hear about Stephen Woodlands 'model' for the business or that he was in the 'city' trying to drum up support. There was this fantastic model which would appear to be spend, spend, spend until there is nothing left. He was trying to grow a major airline for him to be at the head of for his own personal gratification. He wormed his way onto the board and tried to take complete control of the airline. In doing so he gave authority to recruit more crew than the company had work for which would bankrupt even the largest of companies. What amazes me is that the shareholders fell for it hook, line and sinker. Why did they give this man so much money to waste? He obviously does not have a f g clue how to run an airline and I have never met anyone so full of s t.
The other vent of your frustrations should be Travel City Direct. After pumping huge amounts of money into the company they entered into negotiations with Air Atlanta for the operation of the SFB routes. They then cancelled the flights with 24 hours notice and without even a 'by your leave'. I hope they get nothing out of EAAC because that is what they deserve.
My best wishes to all those who were unfortunate enough to lose their jobs through this and to those who remain at EAAC. May the Pheonix rise from the ashes as the company does not deserve to disappear.
Good luck one and all.
CD
How many times over the past 12 months did we hear about Stephen Woodlands 'model' for the business or that he was in the 'city' trying to drum up support. There was this fantastic model which would appear to be spend, spend, spend until there is nothing left. He was trying to grow a major airline for him to be at the head of for his own personal gratification. He wormed his way onto the board and tried to take complete control of the airline. In doing so he gave authority to recruit more crew than the company had work for which would bankrupt even the largest of companies. What amazes me is that the shareholders fell for it hook, line and sinker. Why did they give this man so much money to waste? He obviously does not have a f
g clue how to run an airline and I have never met anyone so full of s t.The other vent of your frustrations should be Travel City Direct. After pumping huge amounts of money into the company they entered into negotiations with Air Atlanta for the operation of the SFB routes. They then cancelled the flights with 24 hours notice and without even a 'by your leave'. I hope they get nothing out of EAAC because that is what they deserve.
My best wishes to all those who were unfortunate enough to lose their jobs through this and to those who remain at EAAC. May the Pheonix rise from the ashes as the company does not deserve to disappear.
Good luck one and all.
CD
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I must say that Woodland did amuse me at one base meeting with his 'expand or die' theory. The theory's so good that the Company will do both within the space of a year...
Some b******d needs to face criminal charges over this. Laugh or cry, it's your choice
Some b******d needs to face criminal charges over this. Laugh or cry, it's your choice