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Belgian Newspaper: Skyeurope Up For Sale..  
User currently offlineBeaucaire From Syria, joined Sep 2003, 5252 posts, RR: 25
Posted (5 years 10 months 1 week 6 days 7 hours ago) and read 3167 times:

The Flemish-speaking newspaper "De Morgen" reports,that Skyeurope has asked Bank Rothschild to investigate the sale of the company.
Despite permanent re-capitalisations by it's main-share-holder York Capital ,Skyeurope remained loss-making since it's start.

http://www.demorgen.be/dm/nl/996/Eco...eger-SkyEurope-in-de-etalage.dhtml


Please respect animals - don't eat them...
8 replies: All unread, jump to last
 
User currently offlineKonrad From United States of America, joined Mar 2002, 522 posts, RR: 0
Reply 1, posted (5 years 10 months 1 week 6 days 7 hours ago) and read 3117 times:



Quoting Beaucaire (Thread starter):
The Flemish-speaking newspaper "De Morgen" reports,that Skyeurope has asked Bank Rothschild to investigate the sale of the company.
Despite permanent re-capitalisations by it's main-share-holder York Capital ,Skyeurope remained loss-making since it's start.

I found that one as well:

http://www.direktbroker.de/news-kurs...urope+Holding+++other+++S/19560638

"In addition, SkyEurope has appointed the international investment bank Rothschild to explore strategic and financing alternatives, in order to secure the long term future and success of the airline."

Well, long term future and success of the airline. Go figure...


User currently offlineIcna05e From France, joined Feb 2006, 296 posts, RR: 0
Reply 2, posted (5 years 10 months 1 week 6 days 2 hours ago) and read 2862 times:

LH might be interested... that's a collector they don't have yet!

User currently offlineJoost From Netherlands, joined Apr 2005, 3164 posts, RR: 4
Reply 3, posted (5 years 10 months 1 week 5 days 4 hours ago) and read 2610 times:

I wonder how much money SkyEurope is worth

* They have never made any profit
* The majority of their aircraft is leased
* They have no long-lasting historical customer base: their PRG and VIE bases are no more than 2 years old and they're still fighting themselves into the markets. The BTS flights are mostly holiday flights, and some work travel routes heavily competed by FR.

So basically: what advantage does any airline have to take over SkyEurope, instead of just basing their own aircraft in PRG, VIE or BTS. They'll have some kind of kickstart (there are pax on the seats from day 1) but this is only minor (compared with, for example, AZ or OS). Their most valueable asset is likely to be the brand awarness, but any takeover candidate will most likely drop the brand and integrate it.


User currently offlineDHR From United Kingdom, joined Jun 2007, 117 posts, RR: 0
Reply 4, posted (5 years 10 months 1 week 4 days 20 hours ago) and read 2459 times:

SkyEurope are currently in breach of their covenants on leased aircraft with GECAS and hence need cash fast. On top of this their creditcard PSP is holding back payments which is making the cash crisis even worse. This loan from York should in the short term help them out, but overall the outlook doesn't look good.

User currently offlineOHLHD From Finland, joined Dec 2004, 3962 posts, RR: 25
Reply 5, posted (5 years 10 months 1 week 4 days 20 hours ago) and read 2433 times:

They just received another 10 million Euros to have enough money for the winter but I hardly doubt that they will be around after that.

User currently offlineJoost From Netherlands, joined Apr 2005, 3164 posts, RR: 4
Reply 6, posted (5 years 10 months 1 week 4 days 20 hours ago) and read 2383 times:



Quoting OHLHD (Reply 5):
They just received another 10 million Euros to have enough money for the winter but I hardly doubt that they will be around after that.

Where did the money come from? And is it coming from a loan or from an investment?


User currently offlineDHR From United Kingdom, joined Jun 2007, 117 posts, RR: 0
Reply 7, posted (5 years 10 months 1 week 4 days 20 hours ago) and read 2368 times:



Quoting Joost (Reply 6):
Where did the money come from? And is it coming from a loan or from an investment?

York Capital gave them a loan.


User currently offlineJoost From Netherlands, joined Apr 2005, 3164 posts, RR: 4
Reply 8, posted (5 years 10 months 1 week 4 days 19 hours ago) and read 2330 times:



Quoting DHR (Reply 7):

York Capital gave them a loan.

What does York Capital see in SkyEurope? It seems like they are putting money in it every month again. Maybe stepping out is even more expensive?

I have nothing against NE (in fact, I like them as a carrier) but their financial situation just doesn't seem too bright...


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