EUjet - Shares in airline firm suspended

[White Cap]

Source BBC News - 25 July 05

Shares in airline firm suspended

The future of budget airline EUjet could be in doubt after shares in its parent company were suspended.
The PlaneStation Group's shares were suspended after bankers said they could not support any additional finance for EUjet, based at Kent's Manston Airport.

PlaneStation said passenger levels for 2005 would fall below planned levels, meaning it would need a cash input.

EUjet runs four Fokker 100 aircraft, flying from Manston to 18 destinations in the UK and Europe.

It began operating in September 2004 and has already axed two of its destinations - Madrid and Glasgow - because of low passenger numbers, and postponed plans to start flights to Cologne.

'Meetings taking place'

EUjet hoped to have 500,000 passengers in its first year of operation but in its first three months of flights carried only 71,000 people.

It lost £6.5m in the second half of 2004.

Last month PlaneStation had to sell off its 75% interest in the Kent International Business Park in Manston, blaming EUjet's poor passenger numbers.

PlaneStation said discussions with its bank over the past 48 hours had "not been positive" and the bank said it was no longer able to support the company.

EUjet's commercial director Stuart McGoldrick said: "We are due to operate 16 flights today. There are meetings taking place to see what happens next."

PlaneStation has also become involved in a row with Thanet Council over the funding of a consultative committee supposed to monitor the airport's impact on the local community.

PlaneStation has not paid bills for the committee since June, but said it was aware of its responsibilities and felt "the issue was better dealt with between the involved parties".

Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/hi/e ... 714283.stm

Published: 2005/07/25 10:45:17 GMT

© BBC MMV

Cheers,
White Cap :wink:

[flugholm]

Sieht nicht gut aus für Planestation/EUJet/Manston...

>From the money today website.

>Bank pulls the plug on Kent Airport owner
Nick Goodway, Evening Standard
25 July 2005
PLANESTATION, which owns Kent International Airport and no-frills airline EUjet, called for its shares to be suspended today after it lost the Bank of Scotland's support, and pulled the plug

>The group raised £30m from shareholders in December, and said that was enough to allow it to buy the 70% of EUjet it did not already own and give it working capital for 12 months.

>But EUjet has not lived up to expectations with bookings of 402,000 reported at the end of June since services began last September. It is reckoned the group\'s five jets, which fly to 19 destinations ranging from Malaga to Prague, needed to carry 800,000 passengers a year to breakeven.

>Planestation said last month that it could fund the shortfall by selling assets and had entered negotiations to sell its 75% interest in Kent International Business Park, which adjoins its Manston airport.

>Last December's re-funding was largely underwritten by stockbroker Evolution at 10p a share. The shares were today suspended at 5.35p after they fell more than 8% in early trading.

>The group said: 'Until now, the directors had no reason to believe that support from its bank would not be forthcoming. However, discussions with the company's bank over the last 48 hours have not been positive, and the company was informed this morning that the bank is no longer able to support the company with additional facilities.

>Debts are thought to total more than £22m. Bank of Scotland declined to comment.

[flugholm]

Und es kommt noch schlimmer:

>(from ft.com, July 26, 2005 02:10 AM ET)
[...]
>EUjet was still operating its flights to 21 destinations on Monday, but a spokesman for the Irish Commission for Aviation Regulation said that the operating licence would "come under close review during the next 24 hours," as it was unhappy with some of its "financial elements." [...]

[K-Man]

...das kommt mir aber böse bekannt vor...

Gruß,
K-Man

[flugholm]

Und nachdem sie heute noch fleißig geflogen sind....


>EUJet suspends operations

>Tuesday, 26th July 2005 05.17pm

>Budget airline EUJet has suspended all operations due to the financial dificulties of its parent company, Planestation.

>Shares in Planestation, were suspended in London yesterday after talks with its banks on further financial support broke down.

>Planestation had needed the additional facilities to give its low cost airline interim extra cash required after a shortfall in passenger numbers.

>EUjet operates eight routes from Shannon and two from Dublin and was taken over by Planestation in September 2004.


Konsequenzen für Manston, Lahr etc? Bestimmt nix Gutes!
Ich befürchte, das war's dann wohl für Planestations/EUJet. The next victim in the "LCC bloodbath".

[Maik]

Hat's also wieder eine erwischt.

Von der EUJet-Homepage:

Dear Customer,

Following developments in the last forty-eight hours and due to circumstances beyond our control, EUjet with deep regret wish to inform you that with immediate effect the airline has ceased all operation and flights.

Your booking will be refunded by the appointed adminstrator to your credit card as soon as possible.

Details of the appointed adminstrator will be posted here on Thursday 28th July.

From all the staff at EUjet we regret any inconvenience and distress this has caused and wish to thank you for your support.

Yours sincerely,
The EUjet Team

[dD]

Waren die F100 geleased oder gehörten die EUJet?
Braucht noch jemand Focker 100?

Eigentlich die ideale Maschinengröße für NRN oder ?
Das wäre doch was für R.S. und seinen Neubeginn auf NRN.

[Maik]

Nein - bitte - nicht - wieder - diese - Maschinen

[henkjan99]

Und auch kein Flüge Amsterdam - Kent mehr...

http://teletekst.nos.nl/gif/images/762-02.gif

[flugholm]

dD:

AFAIK gehören die F100 der Debis AirFinance http://www.debisairfinance.com/ .

[White Cap]

Source: - BBC News - 26 July 05

Airline goes into administration

Thousands of passengers have been left stranded after the parent company of budget airline EUjet filed for administration and stopped all flights.

PlaneStation, which owns both EUjet and the airport at Manston, had its shares suspended on Monday and went into voluntary administration on Tuesday.

The firm said its bank had withdrawn financial support which it needed because of low passenger numbers.

About 5,000 passengers are thought to be stranded abroad unable to get home.

The jobs of about 500 staff working at the airport or for the airline are also in doubt.


Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/hi/e ... 717881.stm

Published: 2005/07/26 17:43:54 GMT

© BBC MMV

Cheers,
Nick :wink: