Spencer From United Kingdom, joined Apr 2004, 1636 posts, RR: 16
Reply 1, posted (8 years 4 months 2 days ago) and read 5688 times:
Yes, it seems like the directors have done a bunk with the majority of whatever funds were left! During last week's board meeting the Norwegian owner didn't even show! Can't say it comes as a surprise but, it certainly opens up the domestic market within now. Sterling were advertising for CC earlier this week so I wonder if they knew about this beforehand? It makes you wonder what they were thinking about re. the Astraeus deal, too!
[Edited 2007-03-02 08:46:42]
[Edited 2007-03-02 08:47:20]
EOS1D4, 7D, 30D, 100-400/4.5-5.6 L IS USM, 70-200/2.8 L IS2 USM, 17-40 f4 L USM, 24-105 f4 L IS USM, 85 f1.8 USM
IndianicWorld From Australia, joined Jun 2001, 3167 posts, RR: 0
Reply 2, posted (8 years 4 months 2 days ago) and read 5660 times:
Seems like the dreaded Airliner World / Airport magazine curse has happened again. Once a new carrier is profiled thewy go bankrupt. Examples include Goodjet and FlyMe just to name a couple.
This is sad news as they appeared to be doing well in the swedish marketplace. The Scandanavian market must be one of the most competitive around. There are many players for a smaller population market.
Gotherburg will certainly suffer as of this bankrupcy.
JuniorSpotter From Sweden, joined Mar 2004, 225 posts, RR: 2
Reply 4, posted (8 years 4 months 2 days ago) and read 5600 times:
This is just great.
My girlfriends' birthday was a couple of days ago, and as a gift I gave her a weekend trip (a sort of relax-trip away from our kids...and me ) to Kiruna, where her best friend now lives. She was booked on FlyMe from GOT to ARN, but here we are. And there are no refunds, just spoke to my bank.
Did you pay cash or by credit card? If you paid by credit card, you can institute a chargeback against the airline for not delivering services paid for and you should have the full amount credited to your account within 24 hours -- speak to your bank about that.
TWISTEDWHISPER From Sweden, joined Aug 2003, 715 posts, RR: 2
Reply 7, posted (8 years 4 months 1 day 23 hours ago) and read 5579 times:
This was on the news here in Gothenburg (base of FlyMe) yesterday.
Apparently the company has been drained of money, 40M SEK (~3.5M $) was transferred out of the company.
FlyMe basically blames the banks, and say that they're chapter 11 because 60M SEK has been frozen, money that travellers has paid for tickets.
They were also waiting for money to be invested to avoid bankruptcy, deadline was 23:59 2007-02-28. No money was to be seen.
They have posted a message on their website, http://www.flyme.se/ although it's in Swedish: The airline FlyMe Sweden (FMS) intend to file for chapter 11.
FMS ticket sales consist of 95% internet sales through credit card payments. The handling bank currently have approximately 60 M SEK on frozen accounts, money that they regards as insurance for claims from travellers
The bank has advised the board of FMS that they intend to not accept payments to FMS from 11:00 on March 2:nd (10:00 GMT) unless FlyMe Europe can show that payment for the outstanding amount from the emission has been received, and that the ongoing new emission has been closed.
The board of FlyMe Europe has notified the board of FlyMe Sweden that they are unable to close the emission, and that they have not received any signs that the money will be received, and therefore they will not be able to close the emission within the time limit given by the bank.
As a result, FMS has decided to stop all ticket sales and ground all their aircrafts.
The board intend to file for bankruptcy
It ends with the usual thanks to all employees, sorry all passengers.
I've flown with them once, it got me where I wanted to go, but I still prefer SK or LH or BA.
LN-KGL From Norway, joined Sep 1999, 1124 posts, RR: 4
Reply 9, posted (8 years 4 months 1 day 23 hours ago) and read 5533 times:
Quoting Spencer (Reply 1): During last week's board meeting the Norwegian owner didn't even show!
Small correction: Icelandic owner Fons
Quoting IndianicWorld (Reply 2): The Scandanavian market must be one of the most competitive around. There are many players for a smaller population market.
But then, the Scandinavians know their flying. If we count passengers to/from for example the Norwegian capital Oslo compared with the total citizen number of the country, every citizen has almost four flight in/out from OSL. As a comparison London need need five airports (LHR, STN, LGW, LTN, LCY) to match this number of around four flights per UK citizen, but one can't say OSL such an international hub as LHR. For US citizens - a comparable number for Washington DC would have been around 1.2 billion passengers and the passenger number for PEK ...
Back to the home market of FlyMe Sweden, the Swedes don't fly as much as the Norwegians, and the biggest difference is the passenger numbers within Sweden (the domestic passengers for ARN is around 30% and for OSL 50%). It may be this relative weak domestic base and the number of airlines serving this market (in addition to FlyMe - SAS, City Airline, FlyNordic, Golden Air, Malmö Aviation, Skyways and Transwede - in Norway it is only four major players SAS Braathens, Norwegian Air Shuttle, Widerøe's Flyveselskap and Coast Air) have contributed to the relative high number of Swedish airlines going bankrupt.
BHXDTW From Eritrea, joined Feb 2005, 1094 posts, RR: 5
Reply 13, posted (8 years 4 months 1 day 22 hours ago) and read 5393 times:
Quoting IndianicWorld (Reply 2): Seems like the dreaded Airliner World / Airport magazine curse has happened again. Once a new carrier is profiled thewy go bankrupt. Examples include Goodjet and FlyMe just to name a couple.
...and the same people involved in the former started the latter....
Quoting IndianicWorld (Reply 2): This is sad news as they appeared to be doing well in the swedish marketplace.
I hardly think they were doing well. They were having decent, but still not too high load-factors and let's not forget record-low-yields. SK haven't got the best loads on intra-Scandinavian either, but 5-10 pax on each flight have paid a small fortune for their ticket, which helps a lot - FlyMe was all low-yield, to the very last minute before departure
Quoting LN-KGL (Reply 12): And Fons' Sterling has already started the attack - see here
There have often been talks about NB and FlyMe joining forces. I can never figure out those obscure Icelandic ownership constructions, but fact remains that both airlines de facto are owned by the same investors.
Oh well, another one bites the dust
"I was waiting for you at DFW, but you must have been in LUV" CPH-HAM-CPH CR9
Debonair From Germany, joined Jan 2004, 2584 posts, RR: 4
Reply 15, posted (8 years 4 months 1 day 22 hours ago) and read 5344 times:
Quoting JuniorSpotter (Reply 4): I gave her a weekend trip (a sort of relax-trip away from our kids...and me ) to Kiruna, where her best friend now lives. She was booked on FlyMe from GOT to ARN, but here we are. And there are no refunds, just spoke to my bank.
Mika From Sweden, joined Jul 2000, 2914 posts, RR: 3
Reply 20, posted (8 years 4 months 1 day 21 hours ago) and read 5135 times:
Damnit! I had this feeling about FlyMe for a long time but never did i expect that my trip to Paris later this spring would be affected by this!
Sigh..i guess i'd better look something up with Sterling (they provide all FlyMe customers with a 400SEK discount) if i want a spring weekend at all..
Anyone else directly affected by FlyMe's bankruptcy? Where were you going and when?
On another note this is also bad for the Gothenburg region..i don't know how bad considering Ryanair's rapidly growing precense at Gothenburg City Airport but anyways..it would have been at least pleasant to see a local airline succeed for once.
And Global Supply Systems is according to their website "majority owned by a British entrepreneur and by Atlas Air Inc."
This FlyMe bankrupcy is the opportunity for Fons to erase a lot of debts and emerge on the white horse to save stranded passengers with Sterling - a win win for Fons if you don't see through the smoke screen.
Hope this type of business conduct will not be a trend for Icelandic investment companies the coming years - there are a number of them, just to mention a few like Glitnir, Baugur, Hf. Eimskipafélag Íslands, Langflug, Naust, Fjárfestingafélagið Máttur, Urður, Flugval, Lífeyrissjóðir Bankastræti, Samvinnulífeyrissjóðurinn, Lífeyrissjóður verslunarmanna, .....
ZuluTime From United Kingdom, joined May 2006, 180 posts, RR: 0
Reply 22, posted (8 years 4 months 1 day 19 hours ago) and read 4987 times:
Fons was definitely not the owner of Flyme - maybe it had just not updated its website. The Norwegian guy was Christen Ager-Hanssen and he bought out Fons shareholding last September after the deal for Flyme to buy Astraeus fell apart. That's why Fons later bought Astraeus in its own right.
Flyboy_se From Sweden, joined Feb 2000, 862 posts, RR: 5
Reply 23, posted (8 years 4 months 1 day 16 hours ago) and read 4820 times:
Sterling (NB) is allready operating flights between ARN and GOT, MMX. FlyMe s customers can use their tickets for these flights at no extra charge, on a space available basis.It looks like this is NB s chance to start domestic flights within Sweden (makes you wonder if this was not planned). Passengers that are stranded in Europe , can use NB s flights on space available basis.To be sure to have a seat, you can buy a ticket and get a 200 SEK discount per one way.
Also SJ (swedish railways) is offering FlyMe s customers free train rides between Stockholm and Gothenburg, Malmö.
Sad to see FlyMe go, but it was expected. Better to leave market to the more serious players.
I prefer to be crazy and happy rather than normal and bitter
Mika From Sweden, joined Jul 2000, 2914 posts, RR: 3
Reply 24, posted (8 years 4 months 1 day 15 hours ago) and read 4757 times:
Quoting Flyboy_se (Reply 23): you can buy a ticket and get a 200 SEK discount per one way.
NB's prices are no way near those of FlyMe's though..i just checked how much a trip, with the 400SEK discount (any trip actually) from GOT to NB's european destinations would cost and i got fares in the region of 1800SEK+.
: I'm not too sure about these ownership-things here, but let's not get fooled by creative Icelandic ownership constructions - It might very well be th
: Off topic, but is it just me or are these generic "Icelandic investors" getting really annoying? First EasyJet, now stuff like this. I just wish they
: Oh yes, they are getting annoying - the venturing into U2 was nothing else than a (succesful) attempt to fool investors into believing they were gonn
: If you paid by credit card, which you almost certainly did, they should definately protect you. Just challenge the charge. Exactly. Dispute the charg
: N1120, I will send an email to someone at FlyMe and see what they say..i do highly doubt that i'll get anything back though, but we'll see. On a side