The fall of the dominoes

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This topic contains 54 replies, has 10 voices, and was last updated by  transtraxman 5 Dec 2019
at 09:07
.

Viewing 10 posts - 46 through 55 (of 55 total)

  • transtraxman
    Participant

    This was recognised as a bankruptcy before and now it is formalised…
    “Administrator recommends bankruptcy of Avianca Brasil”, (ch-aviation 18-11-19)

    https://www.ch-aviation.com/portal/news/83486-administrator-recommends-bankruptcy-of-avianca-brasil

    Also, the demise of Astra is confirmed..
    “Greece’s Astra Airlines formalizes suspension of flight ops” (ch-aviation 18-11-19)

    https://www.ch-aviation.com/portal/news/83491-greeces-astra-airlines-formalizes-suspension-of-flight-ops


    capetonianm
    Participant

    SAA may be the next to go.

    Minister of Public Enterprises Pravin Gordhan has warned that the airline might not be able to pay salaries at the end of the month.
    The airline has notified staff to expect a delay in payment.
    The ‘Government’ as it calls itself, has stated that there is ‘zero in the kitty’ to bail out failing SoEs.

    It is sad that in less than 25 years, a bunch of thugs, fraudsters, conmen, incompetents, and criminals has turned a once fine airline into a bottomless pit for taxpayers’ money.


    AMcWhirter
    Participant

    I would hope Georgian Airways is not facing financial difficulties.

    https://en.trend.az/business/tourism/3147395.html


    transtraxman
    Participant

    “Turkish airline AtlasGlobal temporarily suspends all operations”, (Aviation24.be 26-11-19)

    Turkish airline AtlasGlobal temporarily suspends all operations


    transtraxman
    Participant

    More news on South African´s efforts to survive….
    “South African Airways’ financial position ‘deteriorates’ due to strike”, (Travel Weekly 28-11-19)

    http://www.travelweekly.co.uk/articles/350911/south-african-airways-financial-position-deteriorates-due-to-strike


    capetonianm
    Participant

    SAA strike caused ‘sudden deterioration’, urgent intervention imminent – Public Enterprises
    Nov 27 2019 17:20 Khulekani Magubane, Fin24

    Recent shocks to South Africa Airways’ operations rocked the finances of the national carrier to the point where the company can no longer continue to operate “as is”, the Department of Public Enterprises has said.

    In a statement issued on Wednesday afternoon, the department said the strike at SAA, and the cancellation of bookings that followed, resulted in a sudden deterioration of SAA’s financial position.

    “Accordingly, the Department of Public Enterprises is working together with SAA to urgently formulate immediate actions that will be required to provide support to enable SAA to carry on its business.

    “However, SAA cannot continue as is,” the statement said.

    The statement said government efforts, under minister Pravin Gordhan, are focused on ensuring that the airline is stabilised, governance and leadership issues are addressed and the airline returns to a stronger financial footing in the medium to longer term.

    “None of this can be achieved without the necessary contributions by all the key role players in the airline. The actions being undertaken by the Minister include involving relevant stakeholders so that they can participate in the support initiative,” the statement said.

    SAA skipped a scheduled meeting with Parliament’s Standing Committee on Public Accounts on Wednesday evening, intended to brief the committee about when and how the national carrier plans to table its annual report and financial statements.

    The beleaguered parastatal has already told Parliament that it is technically insolvent, with questions regarding its ability to continue on as a going concern. The airline has also failed to table its financial statements in Parliament for the last two financial years.

    The Scopa statement said SAA indicated that it was not available for the meeting. It added that Scopa would be paying SAA a visit early in December instead.

    In a statement released on Wednesday, SAA said it got permission from Scopa chair Mkhuleko Hlengwa to have their appearance deferred.

    “Given the significant and ongoing developments in respect of the sustainability of the airline, SAA welcomes the deferment of their appearance at Scopa. This will enable further urgent engagement with all relevant role players on the support initiatives being developed under the direction of the shareholder,” the statement said.

    The statement said information requested by Scopa had been received and refuted any suggestion that it did not cooperate fully with Parliament.

    Intervention ….. that means more cash thrown into the ever widening black hole. Taxpayers’ money.
    Time to say goodye, SAA.
    Farewell, you were once a fabulous airline of a fabulous country and both have now been destroyed by greed and corruption.


    transtraxman
    Participant

    Is this the beginning of the end for this airline?
    “Financial Troubles Mount For Hong Kong Airlines”, (Simple Flying, 1=12=19)

    Financial Troubles Mount For Hong Kong Airlines


    FaroFlyer
    Participant

    Is this the beginning of the end for this airline?
    “Financial Troubles Mount For Hong Kong Airlines”, (Simple Flying, 1=12=19)

    Financial Troubles Mount For Hong Kong Airlines

    Also reported yesterday on BT news https://www.businesstraveller.com/business-travel/2019/11/29/hong-kong-airlines-cuts-more-routes-and-delays-staff-salary-payments-blaming-citys-protests/


    cwoodward
    Participant

    It would seem that that they have not paid their Inflight Entertainment Vendor ether

    Hong Kong Airlines press release

    “Inflight entertainment system out of service.
    Hong Kong Airlines’ inflight entertainment system will be out of service from 1 December 2019 until further notice. We sincerely apologise for the inconvenience caused to our customers. Hong Kong Airlines will work with our vendor to resume the service as soon as we can.”

    The group itself is in a very precarious state with now more than 20 new Airbus aircraft stores indefinitely at Toulouse – some for well over a year……. and more on order.
    As they are all subject to lease the leases and storage must presumably be being paid.


    transtraxman
    Participant

    They are calling this process the equivalent of the US Chapter 11 bankruptcy protection.

    “South African Airways files for bankruptcy protection”, (ch-aviation 05.12.2019 – 08:31 UTC)

    https://www.ch-aviation.com/portal/news/84033-south-african-airways-files-for-bankruptcy-protection

    “South African Airways has been placed into “business rescue” – modus”, (aviation24.be 5-12-19)

    South African Airways has been placed into “business rescue” – modus

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