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Bestofficeintheworld
Can you tell me how much Greybull injected into the three companies you quote? Also, could you educate me on how Greybull could 'sell' Airport-operator owned landing slots? Thanks |
Slots only have value if they are scarce....of all the ones you have quoted only LGW can be classed in that category and even they are not that scarce...Easy bought 50 slot pairs from Flybe. Norwegian were still able to put two full aircrafts worth of flying in without buying any this summer. Max is quite correct in his assessment of MAELs "profitability". The same can be said for Cosmos.
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Swaffield said: “My goal is to get the business in a really strong shape financially ... That’s going to happen not by taking money from the shareholders, that’s going to happen by generating money ourselves." :ugh: |
Talking about generating money it looks like someone is after it already! Didn't take Olympic long to try and grab some 'Greybull money'.
Olympic Holidays parent starts legal action against Monarch - www.travelweekly.co.uk Some 'outline' pension details here > http://www.professionalpensions.com/...-restructuring http://www.shlegal.com/press/2014_Pr...narch_Airlines |
My heart goes out to those staff who have over their careers put their hard earned into a pension scheme only to see it taken way from them at the last minute.
I flew with them a few times. Best of the charters by a mile. Brilliant staff. I wish them well in the future and look forward to flying with them again. |
Good that it gets a fresh chance, but i do wonder just how much all of this is about clearing the pension black hole off the family's books. It appears that it has cost them around £50m to clear a £150m liability.
I note the comments above about moving money around for tax purposes, but i still think there is more money in fixing aircraft than flying them |
Olympic are going after the PLI (Passenger liability charge). The charge is also known as YQ, and still charged by many airlines, especially Italian and Eastern European airlines. PLI (also known as YQ) was charged to recover additional insurance premiums airlines had to pay as a result of 9/11. I doubt that aviation insurers are still charging premiums as a result of 9/11, but some airlines (and it seems Monarch as well) are still charging YQ to tour operators. Airlines who are still charging this, are taking the piss. If Olympic win this in court, this will have serious consequences for other charter airlines who still charge it. If the seat rate is £201, then it is £201, not £198 plus YQ !!!! As for Olympic, they have never been the same since Monarch stopped flying for them. Now that Monarch have anounced an end to charter flying, Olympic launched their court action. Draw your own conclusions !!! If Olympic do win their case, I hope that George will have the decency to contact all his passengers and equally refunded the PLI (YQ) charge to them. FAT CHANCE.
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Turbulence smoothing?? Will surely need some exrta people to crew these??
Boeing, Monarch Airlines Finalize Order for 30 737 MAX 8s Airline transitions to all-Boeing single-aisle fleet LUTON, United Kingdom, Oct. 31, 2014 /PRNewswire/ -- Boeing [NYSE:BA] and Monarch Airlines today finalized an order for 30 737 MAX 8s worth more than $3.2 billion at current list prices. The order, originally announced at the Farnborough International Airshow in July when Monarch selected Boeing as its preferred bidder for fleet replacement, includes options for 15 additional 737 MAX 8s and marks the beginning of the British carrier's transition to an all-Boeing single-aisle fleet. "Seven days after welcoming new owners into the business, this order is a demonstration of our commitment to the future and the evolution of Monarch as a distinctive European scheduled leisure carrier," said Andrew Swaffield, CEO of the Monarch Group. "The 737 MAX 8 fits our network strategy of serving our traditional European leisure routes in greater frequency, providing increased choice and service for Monarch customers, with significantly improved unit costs to our business." The 737 MAX has accumulated 2,325 orders to date from 48 customers and is the fastest selling airplane in Boeing history. "The 737 MAX is the perfect airplane for Monarch as it moves its business model from a traditional charter carrier to a European scheduled leisure airline, offering improved efficiencies, high reliability and an outstanding passenger experience," said Todd Nelp, vice president of European Sales, Boeing Commercial Airplanes. "We are honored that Monarch has chosen Boeing as its future partner and are dedicated to ensuring this iconic operator's continued success." The 737 MAX incorporates the latest technology CFM International LEAP-1B engines, Advanced Technology winglets and other improvements to deliver the highest efficiency, reliability and passenger comfort in the single-aisle market. The 737 MAX will be 14 percent more fuel-efficient than today's most efficient Next-Generation 737s – and 20 percent better than the original Next-Generation 737s when they first entered service. The 737 MAX 8 will have an 8 percent per seat operating cost advantage over the A320neo. Headquartered at London Luton Airport, but also operating from five other U.K. bases – London Gatwick, Manchester, Birmingham, East Midlands and Leeds-Bradford – Monarch predominantly serves holiday destinations around the Mediterranean and the Canary Islands as well as European ski resorts. Founded in 1968, the British carrier will move to a cost effective and uniform fleet of 737 MAX 8s within the next decade. On October 24, Monarch Airlines and other parts of Monarch Holdings Limited, the UK's leading independent leisure travel group, completed a restructuring program and sale of 90 percent of the group to Greybull Capital LLP under which it secured £125 million of permanent capital and liquidity facilities. Contact: Daniel Mosely European Communications Boeing Commercial Airplanes +44 208 235 5665 [email protected] |
BN2A
The airbus crews will be converted on to the 737, so not sure extra crew will be needed. Only recruitment that will be happening will be to replace all those leaving due to the recent shake up, future uncertainty and the raping of t&c's. |
And if they do need crew? there will be, by then, a shed load of rated and current extremely hacked off 737 MAX drivers from NAS.
Take your pick. |
Rumours of numbers in double figures soon headed to Easy for DEC...
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I doubt we will see any Monarch 737's.
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More like 150 looking at the EK
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At this rate MON will soon be recruiting for next year........
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I suspect they will, but with some of the worst t&c's in the country now, why would anyone join. If I was voting, I would have agreed to the changes for short term security but applied elsewhere immediately.
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Doobler
Ironically, I wouldn't be surprised if EK guys applied for any MON vacancies next year, as a means of getting back home. As a stepping stone, of course.
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http://www.travelweekly.co.uk/Articles/2014/11/26/51263/pilots-union-calls-for-rethin
Pilots' union calls for rethink on pension cap after Monarch deal By Phil Davies | 26 November 2014 at 08.35 GMT Pilots’ union Balpa is calling for a cap on pension payments to be rethought as 67 of its members who fly for Monarch Airlines face missing out £10 million in retirement payouts after the carrier was sold. The pilots are facing the loss after the Mantegazza family handed over the airline last month to investment fund Greybull Capital, The Telegraph reported. Greybull took control of 90% of Monarch after agreeing to pump in £125 million of capital and liquidity facilities, anchored by a £50 million investment. Monarch’s pension fund – thought to have a deficit of more than £500 million – was not part of the deal. In return for taking on the liabilities, the fund was transferred into the Pensions Protection Fund (PPF), the state-backed lifeboat which bails out underfunded pension schemes in companies which have collapsed or cannot afford to meet their liabilties. The PPF also got a 10% stake in the airline and £30 million from the Mantegazzas for taking on Monarch's pension. However, payments from the PPF are limited to just over £26,500 a year, meaning that many of the airline’s pilots will seen their pensions slashed as a result, according to the newspaper. Balpa says the cap means 67 pilots face losing £10 million between them – an average of more than £156,000 each – and 13 of them will lose more than half of their expected pension. General secretary Jim McAuslan said: “This cap was meant to stop highly-paid company bosses being reckless and then walking away with a huge pension when things went wrong. “The reality is it is hitting middle-earning professional people like pilots and costing them a big chunk of their retirement fund.” In a letter to the government, Balpa says the current system is having a “hugely deterimental impact” on the financial well-being of a group who “followed good government advice and saved a substantial proportion of their income in order to enjoy a decent retirement”. The union adds that while its members hit by the cap are well paid, they are not “fat cats” or directors or managers able to influence the company’s pension scheme or commercial matters – the group the cap was intended to target when it was implemented a decade ago. |
Harriet Green looking for a new job !
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DooblerChina "I suspect they will, but with some of the worst t&c's in the country now, why would anyone join. If I was voting, I would have agreed to the changes for short term security but applied elsewhere immediately."
That's exactly what happened! About 90% of pilots. Management might be getting slightly concerned? :ok: |
Another thought:
If Easy wanted to get rid of potential future competition (Monarch have stated that they are going head to head with the LCCs by getting rid of Longhaul and charter) without the need for a costly price war, all they'd have to do is expand, offer DECs and FO positions in the UK and hey presto, no more pilots left at Mon. Simples. |
who says that it is not quietly happening....
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It's a pity that pilots have to take their families over to the middle east to seek employment. What happened to great Britain? Out CAA is loosing licensed crews at an alarming rate, but maintain a hands off attitude to protecting them.
150 guys to go emirates? Good luck, but once an expat, hard to return. Hard to keep the easa licence current . And the tax free salary is ok, but don't expect to be chatting to mum n dad on the Skype, it's still blocked in Dubai. Go figure . |
I have to correct that - my son lives in Dubai and Skype works perfectly.
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If your son lives in a private apartment, then he can Skype. Hotels are, by law, banned from allowing access.
The CAA is funded by the government and subscriptions by pilots to keep their licences current. Usually via the airline they work for. The CAA does not recognize time on foreghn types to maintain uk currency. Yet. The Finnish authorities do. The Spanish do. The Irish do. The Turkish do. The Slovenians do. The Italians do. So, a number of uk licence holders, working out of easa state have changed their competent authority. The uk CAA has to prevent its pilots working abroad to maintain income, Simple. By preventing the licence to be transferred to say the middle east, they would preserve uk jobs. Somple ? |
The CAA is funded by the government The UK Government requires that the CAA’s costs are met entirely from its charges on those whom it regulates. Unlike many other countries, there is no direct Government funding of the CAA’s work. |
Skype
Wrong again. When my son went out there earlier this year he stayed in a hotel about 20 minutes from the airport for six weeks and used to Skype us regularly. I can remember him showing us the view from his window.
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Skype is officially blocked in Dubai. A two second Internet search reveals this and its even stated on their website. People can get around this by using proxy servers and VPNs. Indeed, even some hotels, recognising it's good for business, get around it by routing traffic through foreign VPNs. Appears to be a loop hole in that proxy/VPNs are not banned by the state.
Similar problems for most expats living in places that look good, pay good but offer very little freedom and quality of life (if you are prepared to look beyond the superficial). |
Maybe Skype is banned for use in bypassing Dubai's own telephone network for commercial reasons. It certainly works internationally for computer to computer. My real point is that to suggest that it is banned for some big brother surveillance or reduction of civil liberties reason is plain wrong.
Dubai is not a western city, but then neither is Hong Kong or Singapore. Dubai has some iron rules (no drugs anywhere and no alcohol at all when driving, for example) but some of the horror stories are wildly exaggerated. Professional ex-pats can have a very good life over there. The weather is good, apart from two months in Summer; westerners tend to be left alone to do their own thing; if you want to drink, there are plenty of approved bars (mostly in hotels); there are plenty of sports available; the money is good (although the cost of living there has been going up recently). There is also an almost zero crime rate. Most importantly, however, there are jobs. Money in your bank account and hours in your log book are surely good wherever they come from. |
Thread is creeping here but from my experience,
Just about everything is banned in the UAE, does that stop any of it happening? No! Being discreet and not "rubbing anyone's nose in it" works just fine, have a problem of any kind where the police get involved and then your in the brown stuff. Skype works just fine with VPN as does euro tv. |
FT/Monarch pension problems
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Links to subscribed sites don't work if you're a non subscriber. |
The article states that the Monarch scheme will be one of the top five largest schemes taken on by the PPF.
Surely it must be time for the Mantegazza (net worth $5bn) to pay some appropriate compensation to those that have made a significant contribution to their wealth. Some of the Mantegazza toys: http://www.superyachttimes.com/artic...Marina-big.JPG |
I've lost count of the number of friends and colleagues who have deeply regretted staying loyal to Monarch all these years.
The crews have had years of uncertainty and worry whilst the family have bled it dry and engineered a sale , ( or was it a sale ) forced new terms and conditions upon staff, some of whom cannot now afford to stay in the UK , driven the pension fund to PPF, despite the company NOT being insolvent, yet walked away extremely wealthy and shrugged off all responsibility towards their loyal and dedicated staff, some of whom have lost > 60% of their pension with little or no time to recover anything for their retirement. I know of staff who after more than 20 years of loyal service were simply sent a p45 and final pay settlement in the post with not even a letter of thanks or recognition. I believe some crews have hatched a plan to buy 30 lorries to take on Eddie Stobart ! |
Actually, I think the plan is to hire 30 trucks from Eddie Stobart, fill them with manure, and drive them down to Monaco to fill the 'Lady Marina'
Quid pro Quo.:) |
November VR's to return 1st January, you couldn't make it up. Nice Christmas bonus for them :)
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Announced today they're taking on 12 newly qualified Oxford graduates immediately, each forking out 30k, couldn't make that up either...well, actually you could.
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So to sum up. They let 50 pilots go and they are now rehiring them!
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The bean counters have missed a trick here. Forget the redundant pilots. 50 Cadets @ £30k each would have made them £1500000 :(
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