LipeGIG From Brazil, joined May 2005, 11201 posts, RR: 61 Posted (6 years 12 months 2 days 15 hours ago) and read 15869 times:
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Brazilian press reported this late afternoon that one of the best RG aircrafts, a 777-200ER under registration PP-VRE (this A/C was grounded at UA facilities in JFK for more than a month with only one PW engine) has been seized by it's lessor due to unpaid lease installments.
The fact is that more probably will come (including it's "brother" PP-VRF grounded at GIG), also from other lessors.
Seems that lessors are really upset with RG regular delays and also, that the NY judge that helped so much RG could now believe the company situation is worst.
Anyone knows who is the owner of this A/C ? Possible new customers ?
Bad news to RG.
Felipe
Edit: Changed title from "Arrested" to "Sized". Thanks to A.Net friend Adriaticus and sorry for my bad english.
[Edited 2006-05-25 00:31:06]
New York + Rio de Janeiro = One of the best combinations !
ILOVEA340 From United States of America, joined Oct 1999, 2100 posts, RR: 5 Reply 4, posted (6 years 12 months 2 days 15 hours ago) and read 15779 times:
Quoting Adriaticus (Reply 2): Only a person, an individual, can be arrested
Now in it's true definition an aircraft could be arrested as well but this would be done by way of a arrestor cable
Dutchjet From Netherlands, joined Oct 2000, 7864 posts, RR: 58 Reply 5, posted (6 years 12 months 2 days 15 hours ago) and read 15752 times:
What a shame, this could be the beginning of the end for VARIG, one of the great names in aviation history.
If a lessor made a move against one aircraft, it (and other lessors) will begin taking action against other aircraft to protect their assests. Is there any hope that VARIG can get additional financing to pay its past debts pending the auction of the airline, as described in another thread?
Newark777 From United States of America, joined Dec 2004, 9348 posts, RR: 33 Reply 6, posted (6 years 12 months 2 days 14 hours ago) and read 15726 times:
Quoting ILOVEA340 (Reply 4): Now in it's true definition an aircraft could be arrested as well but this would be done by way of a arrestor cable
Or an arrestor bed, which JFK has had some incidents with.
777 owned by ILFC are PP-VRA and PP-VRB, both received by Varig directly from Boeing.
Quoting Adriaticus (Reply 2): Felipe, I believe the word you're looking for is "sequestered", or "seized". Only a person, an individual, can be arrested.
Sorry for my mistake, and thanks for the correction.
Quoting Dutchjet (Reply 5): Is there any hope that VARIG can get additional financing to pay its past debts pending the auction of the airline, as described in another thread?
The problem is the lack of time. It takes at least 45 days to the auction, and up to that moment, RG cash flow is not enough to pay lessors.
Felipe
[Edited 2006-05-25 00:46:28]
New York + Rio de Janeiro = One of the best combinations !
CBPhoto From United States of America, joined Dec 2003, 1506 posts, RR: 6 Reply 9, posted (6 years 12 months 2 days 14 hours ago) and read 15555 times:
How exactly does a company go about seizing an aircraft of that size??? Are the police envolved, do they tow the aircraft to a remote stand, to they alert the crew that is taking the return flight? From what I understand, on the smaller planes, a person (pilot) from the company actually take the airplane and fly it to another location. Hope Varig can figure out something quick. It would be very sad to see them go!
Thanks
Wjcandee From United States of America, joined Jun 2000, 4553 posts, RR: 17 Reply 10, posted (6 years 12 months 2 days 14 hours ago) and read 15505 times:
Quoting CBPhoto (Reply 9): How exactly does a company go about seizing an aircraft of that size??? Are the police envolved, do they tow the aircraft to a remote stand, to they alert the crew that is taking the return flight?
As a very general, non-legal explanation, the Sheriff or Constable serves legal papers on whomever, and takes official possession of the aircraft. Any efforts by anyone to interfere with the Sheriff's possession can be prosecuted as a criminal matter.
Bicoastal From , joined Dec 1969, posts, RR: Reply 11, posted (6 years 12 months 2 days 14 hours ago) and read 15480 times:
What a cool job to be an aircraft Repo-Man!!!
Seeing how this aircraft has only one engine....which is why it has been at JFK so long, it's not being flown out anytime soon. Likely they just need to show the JFK airport authorities who has legal ownership, install another engine, pay any past due bills at JFK and away it flies to the home of the new lessee.
Teixeim From United States of America, joined May 2005, 131 posts, RR: 0 Reply 12, posted (6 years 12 months 2 days 2 hours ago) and read 14856 times:
I hope to someday read a complete explanation of Varig's downfall identifying the responsible parties. With Delta, we know one of the responsible parties was Mullin, for example. Amazing how respected and successful companies can fall so far so quickly.
SU From Russia, joined Apr 2004, 360 posts, RR: 3 Reply 14, posted (6 years 12 months 2 days 1 hour ago) and read 14397 times:
My flight in a couple of weeks from GRU to LHR and then to CPH was replaced from MD11 to 777. Hot happy about the change as was hoping to get on MD11 for a long time now. How Many 777s does Varig still have that are operational and why did they switched from MD11 to 777?
LatinAviation From Ireland, joined Nov 2003, 1276 posts, RR: 17 Reply 15, posted (6 years 12 months 2 days 1 hour ago) and read 14109 times:
Quoting LipeGIG (Thread starter): Brazilian press reported this late afternoon that one of the best RG aircrafts, a 777-200ER under registration PP-VRE (this A/C was grounded at UA facilities in JFK for more than a month with only one PW engine) has been seized by it's lessor due to unpaid lease installments.
I just checked the US Bankruptcy Court docket on this and I could not find a motion to allow the aircraft to be seized. There was a court hearing yesterday, but the judge affirmed his ruling that lessors could not seize RG's aircraft. Of course, the leasing companies all filed complaints to this motion and there is another hearing next week, so more news may develop in the interim.
AF022 From France, joined Dec 2003, 2081 posts, RR: 1 Reply 16, posted (6 years 12 months 2 days ago) and read 13882 times:
Quoting LipeGIG (Thread starter): Brazilian press reported this late afternoon that one of the best RG aircrafts, a 777-200ER under registration PP-VRE (this A/C was grounded at UA facilities in JFK for more than a month with only one PW engine) has been seized by it's lessor due to unpaid lease installments.
KJFK31L From United States of America, joined Jan 2006, 148 posts, RR: 0 Reply 18, posted (6 years 12 months 2 days ago) and read 13768 times:
Quoting Myt332 (Reply 1): Will it be taken downtown and questioned?
The aircraft is currently boarding the subway, heading to downtown Manhattan. This will be an "open-air" trial. Permanent wheel chocks have been installed in lieu of cuffs.
In all seriousness, this is an unfortunate situation. Why not wait till the aircraft had landed at a more convenient scheduled destination to seize it. It seems that a confiscation at JFK--so far from company headquarters--would be a large headache for Varig administrators.
KrisYYZ From Canada, joined Nov 2004, 1575 posts, RR: 0 Reply 20, posted (6 years 12 months 2 days ago) and read 13453 times:
Isn't RG running out of long-haul aircraft? This isn't the first time RG had a aircraft seized. If RG knows that they can't pay the lease payment why not just return them, why go through the humiliation of having an aircraft seized?
LipeGIG From Brazil, joined May 2005, 11201 posts, RR: 61 Reply 22, posted (6 years 12 months 2 days ago) and read 13247 times:
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Quoting Teixeim (Reply 12): I hope to someday read a complete explanation of Varig's downfall identifying the responsible parties. With Delta, we know one of the responsible parties was Mullin, for example. Amazing how respected and successful companies can fall so far so quickly.
Me too, at Varig we have FRB and all their management (RG main shareholder). RG use to be one of the best airlines with a huge cash flow, now it's a shame.
Felipe
New York + Rio de Janeiro = One of the best combinations !
Leskova From Germany, joined Oct 2003, 6075 posts, RR: 72 Reply 23, posted (6 years 12 months 2 days ago) and read 13196 times:
Quoting KJFK31L (Reply 18): Why not wait till the aircraft had landed at a more convenient scheduled destination to seize it. It seems that a confiscation at JFK--so far from company headquarters--would be a large headache for Varig administrators.
While I don't know the actual legal background and reasoning, I'll just say this - it'll have to do with two factors: first of all, the plane can probably best be reposessed within the US, so JFK is as good as any other US destination that RG flies to.
And the location of RG's HQ isn't of interest to the reposessing party - they're interested in protecting their assets - and, I'm guessing that the lessor is a US based company, that's something that's best done through a US court.
It isn't their job to make life easier for RG - since RG hasn't done much to make theirs any easier... if RG had, in other words if RG had made the contractually agreed payments, it would not have come to this.
LipeGIG From Brazil, joined May 2005, 11201 posts, RR: 61 Reply 24, posted (6 years 12 months 2 days ago) and read 13006 times:
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Quoting KrisYYZ (Reply 20): Isn't RG running out of long-haul aircraft? This isn't the first time RG had a aircraft seized. If RG knows that they can't pay the lease payment why not just return them, why go through the humiliation of having an aircraft seized?
Yes, and next month they need to return one more M11 (PP-VTH) due to the end of the lease agreement (that's why they drop LIS recently).
I agree with you and in this particular case, it seems even positive to return a grounded plane (why not 1 or 2 years wet lease ?) and avoid one more lease monthly expense that couldn't generate revenue.
Felipe
New York + Rio de Janeiro = One of the best combinations !
25 RayChuang: The big question right now is that if Varig (RG) goes out of business can TAM take up the slack for a Brazilian-based intercontinental airline?
26 SFORunner: As this is NY, two rather large men in a white van pulled up to the 777, used baseball bats to break the front landing gear, and threatened to break
27 SafetyDude: Here's a picture I took in March. I couldn't get a shot with the engines. Sorry for the low quality, but it was hard to take a decent pic. -Will
28 KrisYYZ: What a shame!!! I hate to see a great T7 just sitting on the ground collecting dust when it could be making some airline proud. Not to mention RG, it
29 SeeTheWorld: When I was doing consulting work for Air Afrique in Abidjan in February 2001, one of their A300s was seized/repo'd at CDG. I thought I had heard, but
30 ChiGB1973: ar·rest ( P ) Pronunciation Key (-rst) v. ar·rest·ed, ar·rest·ing, ar·rests v. tr. To stop; check: a brake that automatically arrests motion; a
31 DAYflyer: Yeah! I mean, like do you get the keys??
32 Cloud4000: Aside from the fact that UA has few of them out in the desert.
33 777WT: I don't think they're in the desert anymore, the lessors found new owners for it.
34 TR763: Hey Lipe! According to jetsite.com.br, the lessor is US Bank NA, which is represented by a juridical company called Bristol Associates, who realized t
35 CO7e7: What about LY ?? Weren't they looking for extra jets ?
36 Alitalia744: the bird is sitting by the AA mx hangars at JFK as of this morning.
37 Gr8Circle: I believe it says somewhere that the aircraft has been lying around with only one engine for more than a month.......
38 LipeGIG: Thanks TR763, i believe the lessor explained to the lessor that Varig is not in condition to obtain the missing engine and a grounded plane is not he
40 BMIFlyer: Like your style One sweet lookin 777 there Lee
41 JAGflyer: When I grow up I want to be an airplane repo man! heh such a cool job.
42 Drinkstrolley: Can everyone please shut up about correcting his English, it has been corrected by the A.Net Crew Member and has f*** all to do with the 777 in quest
43 LTU932: LY operates Trent powered 777s. RG operates a mixed fleet of -200ERs and -200As with GE90s and PW4000s. And VRE is powered with PW4000s. It wouldn't
45 Tbird: ***Deleted by user***[Edited 2006-05-26 00:44:02]
46 ChiGB1973: http://news.yahoo.com/s/afp/20060524.../uskuwaitairtransport_060524180302 M
47 Kanebear: Given that the A/C was sitting on the tarmac for over a month due to lack of funds to repair it I don't view this as a bad thing at all. RG is no long
48 LipeGIG: Some additional info: - Lease payment delayed: 2 months = US$ 1,8 million - Days elapsed since RG returned the PW engine to the lessor: 43 days - Aver
49 DAYflyer: Perhpas it will be used as a single engine out ETOPS test bed airframe
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