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Ghana Airways Gone Into Liquidation?  
User currently offlineDavid_itl From United Kingdom, joined Jun 2001, 7329 posts, RR: 14
Posted (11 years 10 months 3 weeks 6 days 19 hours ago) and read 2152 times:
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Anyone at LHR seen 9G-ANA parked/impounded away from the terminal area today?

David/MAN

12 replies: All unread, jump to last
 
User currently offlineDeskdriver From United Kingdom, joined Nov 2000, 45 posts, RR: 0
Reply 1, posted (11 years 10 months 3 weeks 6 days 19 hours ago) and read 2141 times:

Yes I saw it there yesterday morning at about 05:00. But I've not heard that they've gone bust? Is that confirmed?

User currently offlineSkymonster From , joined Dec 1969, posts, RR:
Reply 2, posted (11 years 10 months 3 weeks 6 days 19 hours ago) and read 2123 times:

Yup, Ghana Airways RIP

Andy


User currently offlineJayhup From United States of America, joined Jan 2002, 452 posts, RR: 0
Reply 3, posted (11 years 10 months 3 weeks 6 days 18 hours ago) and read 2089 times:

I can't find anything on the internet about this. Does anyone know where there is an article?

Thanks.....

JH


User currently offlineVfw614 From Germany, joined Dec 2001, 3905 posts, RR: 5
Reply 4, posted (11 years 10 months 3 weeks 5 days 22 hours ago) and read 2033 times:

Here the story, taken from ghanaonline.com. Looks as if only the U.K. operation is affected (not sure if they operate as a separate legal entity there):

"Information reaching Chronicle’s monitoring desk from UK says the offices of Ghana Airways (Ghanair) in Heathrow, London, and one of the airline’s DC-10 aircraft has been seized in faraway London. The seizure of the aircraft and the property was the result of a court action initiated by A.J. Walters Aviation and granted by a London court. A.J. Walters Aviation, a company which deals in aircraft parts, had filed a writ in court seeking order to attach Ghanair’s property in London to defray a $4.7 million debt owed it.

Chronicle’s sources at Viscount House Partridge Green, at West Sussex offices of A.J. Walters in London, admitted that the spare parts company had indeed seized the properties of the airline to defray its debt. The source said the action was the last resort instituted by Walters wasted no time in carrying out the order and they grounded one of the DC-10 aircraft, which had been flown out on Monday while the offices at Heathrow are also attached, making it impossible for Ghanair to do business there.

A.J. Walters is one of the companies which has a spare parts deal with Ghanair and the sources said the indebtedness of the airline to the tune of $4.7 million might have resulted from the spare parts deal. The genesis of the airline’s indebtedness was a result of a questionable spare parts agreement dubbed Power by the Hour signed by Ghanair with A.J. Walters Aviation on 18 February 2000. The agreement was to supply three of DC-9 rotable parts to the airline.

In the course of the agreement, Mr Joe Browne, the then deputy head of engineering and now second in command in the Management Task Force of Ghanair and former CEO Mr Emmanuel Quartey Jnr., even sold all the rotable DC-9 parts to A.J. Walters. To date, monies accrued from the sale of the rotable parts cannot be traced. Quartey later told a section of workers that the monies accrued from the sale of the parts had been used to reconcile an outstanding account with A.J. Walters.

While this agreement was being signed, the then head of engineering, Mr H. Atta Badu, who should have weighed the viability of the deal as the head of engineering was kept in the dark. The sad aspect of this agreement was that even Ghanair continued to pay for a DC-9 aircraft, which was parked in Nipole in Italy. Also, another DC-9 aircraft which crashed in Guinea and did not enjoy the supply of a single spare part over a year was also billed as long as the agreement was still operational.

A.J. Walters continued to bill Ghanair, including the aircraft that was not airworthy and out of operation. For example, DC-9 aircraft with registration number 9G ADY which crashed in Conakry, Guinea, in 2000, was always billed at the end of every month due to the nature of the agreement signed by Quartey and Browne with the support of Mr B.A. Donkor, the head of the legal department of Ghanair.

Another aspect of the agreement is that whenever Ghanair fails to pay at the end of the month, A.J. Walters surcharged it for late payment and this attracted 10 per cent per annum for 31 days which worked out to $26,985.81 a month and this has also led to the swelling of the debt to $4.7 million. The agreement was based on a minimum utilization of 192 hours per aircraft per month and this brought the number of hours by the three aircraft to 576 hours which is $335, and this means that Ghanair pays $195,000 for each of the aircraft a month. With this simple calculation, the figures swelled in no time.

Capt Kwakwa would not speak to the Chronicle when contacted on Wednesday to find out what management is doing to ensure the release of the aircraft and other serious issues bordering on the mismanagement of the company. But Chronicle sources at the Castle indicated that Ghanair officials have narrated the bad news to authorities concerned. The woes of Ghanair started with the appointment of Mr Emmanuel Quartey Jnr. Interestingly, Ghanair was always out to defend and even ran a number of advertisements through newspapers and international magazines painting a bright picture about the airline when the realities on the ground did not support this."



User currently offlineKonstantinos From Greece, joined Jun 2001, 389 posts, RR: 0
Reply 5, posted (11 years 10 months 3 weeks 5 days 19 hours ago) and read 1985 times:

$4.7mill is no reason for someone to ground an aircraft and make these poor airlines suffer and go bankrupt. Now I know what makes airlines go bankrupt. It's people like A.J. Walters who make lots of money off third world countries. They should be ashamed of them selves, a whole DC10 for ONLY $4.7mill !!! Unbelievable!

User currently offlineDelboy From United Kingdom, joined Jun 2001, 725 posts, RR: 0
Reply 6, posted (11 years 10 months 3 weeks 5 days 17 hours ago) and read 1951 times:

Konstan

You fail to pay for your electricity, it gets cut off, simple as that.

Ghana is an inherantly corrupt country and Ghana Airways has become another statistic, sad but true.

Wake up and smell what you are standing in.


User currently offlineJayhup From United States of America, joined Jan 2002, 452 posts, RR: 0
Reply 7, posted (11 years 10 months 3 weeks 5 days 16 hours ago) and read 1931 times:

Thanks for the update!

Are they still operating their service to JFK.....

JH


User currently offlineCedarjet From United Kingdom, joined May 1999, 7934 posts, RR: 54
Reply 8, posted (11 years 10 months 3 weeks 5 days 16 hours ago) and read 1928 times:

Konstantinos. Presumably Ghana Airways signed this agreement. They have to pay on time. It's not AJ Walters fault. "$4.7m is no reason for someone to ground an aircraft and make these poor airlines suffer and go bankrupt." But it's OK for airlines not to pay any invoices and let suppliers go bankrupt? If someone owed you $4.7m, would you let them get away with it or would you go after them? Although your grasp of economics makes it easier to understand why Olympic are completely screwed.

And finally, $4.7m is probably about what I'd expect to pay for a DC10.



fly Saha Air 707s daily from Tehran's downtown Mehrabad to Mashhad, Kish Island and Ahwaz
User currently offlineKonstantinos From Greece, joined Jun 2001, 389 posts, RR: 0
Reply 9, posted (11 years 10 months 2 weeks 5 days 19 hours ago) and read 1855 times:

There should be exceptions! There are 100's of airlines out there that in debit by far much more than 4.7mill.

Cedarjet, If I also expected just like you to pay only 4.7 for a DC10 then I would have had an airline with about 5 DC10's by now.


User currently offlineAndie007 From United States of America, joined Jun 2000, 859 posts, RR: 0
Reply 10, posted (11 years 10 months 2 weeks 5 days 16 hours ago) and read 1829 times:

Today Ghana Airways operated DUS-ACC normally on a DC10-30  Wink/being sarcastic

User currently offlineDeskdriver From United Kingdom, joined Nov 2000, 45 posts, RR: 0
Reply 11, posted (11 years 10 months 2 weeks 2 days 16 hours ago) and read 1788 times:

Sounds to me that they've not gone bust (yet) but have had everything in the UK seized. Therefore halting ops to and from LHR. After all they don't want another acft grounded.


Konstantinous
It's people like Ghana Airways that could make A.J. Walters go bust. Did you think of that?


User currently offlinePlanenutz From United States of America, joined Dec 1999, 1283 posts, RR: 10
Reply 12, posted (11 years 10 months 2 weeks 2 days 13 hours ago) and read 1761 times:

Does anyone know if their sales/ticket office on Conduit St. in London has been seazed as well? Or is it still open?


Not all who wander are lost....
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