canyonblue17 From United States of America, joined Oct 2008, 443 posts, RR: 0 Posted (3 years 7 months 3 weeks 12 hours ago) and read 12647 times:
I was told by a local airport official and former airline employee that Gulfstream International Airline (operating as Continental Connection) which filed for bankruptcy recently, is being auctioned off tomorrow (1/4). Operating mostly in Florida and the Bahamas with Beechcraft 1900s and Embraer props, anyone had more news on this or what might become of this airline?
flyby519 From United States of America, joined Jul 2007, 1135 posts, RR: 0
Reply 2, posted (3 years 7 months 3 weeks 12 hours ago) and read 12548 times:
Up for auction indeed. Try googling Lehman, Loehmann's, Ambac, Gulfstream: Bankruptcy.
Gulfstream Airlines Headed for Jan. 4 Auction
Whether airline owner Gulfstream International Group Inc. continues flying beyond the first week of January will depend on the outcome of a Jan. 4 auction for the parent of Gulfstream International Airlines Inc.
Yesterday, the bankruptcy judge in Fort Lauderdale, Florida, approved procedures whereby bids for the airline are due on Jan. 3, in advance of a Jan. 4 auction and a hearing on Jan. 5 to approve the sale.
Absent a buyer, Gulfstream will be in default under an agreement with aircraft owner Raytheon Aircraft Credit. Default would allow Raytheon to repossess the 21 aircraft it provides.
Gulfstream is working on an agreement to sell the airline to Chicago-based Victory Park Capital Advisors LLC, the provider of financing for the Chapter 11 case. Any deal to buy the airline must be acceptable to Waltham, Massachusetts-based Raytheon.
Gulfstream said it won't accept an offer to purchase only the operating certificate. If a buyer intends to run the business as an airline, it would presumably be required to confirm a Chapter 11 plan to avoid the need for seeking a new operating certificate from the Federal Aviation Administration.
A buyer is eligible to take advantage of an offer from Raytheon to sell the aircraft at a specified price. The price isn't being made public. Gulfstream said it doesn't have enough funding to continue operating in Chapter 11 absent a quick sale.
Gulfstream filed for Chapter 11 reorganization on Nov. 4 in Fort Lauderdale, where it is based.
Gulfstream had assets of $13.6 million and $26 million in total liabilities on the June 30 balance sheet. Revenue of $46.3 million for the first half of 2010 resulted in a $1.6 million operating loss and a $2.8 million net loss. Revenue in 2009 was $87.3 million.
On entering Chapter 11, Gulfstream had 23 turboprop aircraft seating 19 passengers each. The company at the outset had more than 150 daily flights from Florida, the Bahamas and Ohio. Gulfstream operates under code-sharing arrangements with Continental Airlines Inc., UAL Corp.'s United Airlines and Copa Airlines.
The case is In re Gulfstream International Group Inc., 10-44131, U.S. Bankruptcy Court, Southern District of Florida (Fort Lauderdale).
These postings or comments are not a company-sponsored source of communication.
FWAERJ From United States of America, joined Jun 2006, 3733 posts, RR: 2
Reply 3, posted (3 years 7 months 3 weeks 7 hours ago) and read 12202 times:
One thing I noticed is that Gulfstream flies EAS flights to BFD/DUJ/FKL/JHW/LWB/PKB for CO/UA from the CLE hub in addition to Bahamas-Florida and intra-Florida flights. I also read somewhere on a.net that 3M wanted to increase their CLE flying for CO by adding non-EAS cities as well. If Gulfstream shuts down, is it just another nail in the coffin for CLE as a hub?
Maybe 9L/XJ could start EAS SAAB service from the affected cities under the United Express brand to IAD.
Primary Airport: FWA/Alternate Airport: DTW/Not employed by the FWACAA or their partners
CODCA09 From United States of America, joined Oct 2009, 155 posts, RR: 0
Reply 4, posted (3 years 7 months 3 weeks 6 hours ago) and read 12060 times:
Quoting FWAERJ (Reply 3): Maybe 9L/XJ could start EAS SAAB service from the affected cities under the United Express brand to IAD.
Colgan did serve JHW/BFD and PKB from IAD as UA Express but lost them to Gulfstream. Maybe XJ could apply to serve all of these from DTW under the DL code.
On another note Gulfstream was planning to start an independent operation from PIT. They had that in the works for a while. MDT was supposed to be their first destination. I guess that's not likely to happen anytime soon.
Already back then their finances did not look that great at all...
Now that Continental is no longer calling the shots, the days of 3M as a Continental Connection carrier were probably numbered anyway. I doubt United would be interested in keeping 3M in its United Express network.
I think the only way for 3M to survive (under any ownership) is to get EAS flying anywhere they would be able to get it.
Hiflyer From United States of America, joined Nov 2004, 2172 posts, RR: 3
Reply 9, posted (3 years 7 months 3 weeks ago) and read 11565 times:
Delta sniffed this a few months ago and started putting more rj flyng into florida basing out of Miami. UA/CO needs a feed down there....wonder if there would be a last minute reprieve of the emb120's out of Skywest as a stop gap?
flyinryan99 From United States of America, joined Feb 2001, 2001 posts, RR: 12
Reply 12, posted (3 years 7 months 2 weeks 6 days 15 hours ago) and read 11212 times:
This kind of reminds me of how Chicago Express/C8 went off into the sunset.
Ya know, this could be an opportunity for Charter Air Transport (based in Cleveland) to jump in and take over for the CLE routes. They have the ability to quickly pick up EMB 120s. The only problem would be getting them to codeshare with UA/CO. Also, what about Mesaba/Colgan ramping up Saabs in CLE? I would love to see them there.
I sure miss TOL-CLE now as all my travels are that direction and with DTW gone, would use them exclusively.
peanuts From Netherlands, joined Dec 2009, 1438 posts, RR: 4
Reply 15, posted (3 years 7 months 2 weeks 6 days 3 hours ago) and read 10561 times:
Quoting Hiflyer (Reply 9): Delta sniffed this a few months ago and started putting more rj flyng into florida basing out of Miami. UA/CO needs a feed down there....wonder if there would be a last minute reprieve of the emb120's out of Skywest as a stop gap?
Delta's FL strategy is independent from what Gulfstream did or would do, I would think. They could certainly be "facilitating" a smoother exit for Gulfstream however.
No restrooms on intra Florida flying with Gulfstream can be a royal you-know-what. I'll leave it at that. (not referring to myself btw. just as we all get older, some passengers have challenges we don't all want to be confronted with...)
[Edited 2011-01-04 20:45:08]
Question Conventional Wisdom. While not all commonly held beliefs are wrong…all should be questioned.
UAL747DEN From United States of America, joined Dec 2003, 2392 posts, RR: 11
Reply 18, posted (3 years 7 months 2 weeks 6 days 3 hours ago) and read 10495 times:
If no news is coming out I would imagine that is a good thing. It could mean there is a sale in the works, these things can take a long time to get sorted out and there would not be much news coming out of the negotiations.