Posts: 4359
Joined: Wed Nov 17, 1999 8:28 pm

DAT Bought For EUR 1

Sat Dec 22, 2001 3:03 am

VRT reports that that Air Holding has bought DAT for EUR 1. The report seems to be confirmed.


RE: DAT Bought For EUR 1

Sat Dec 22, 2001 3:08 am

Hmmm, I'd say that that's unlikely to be the fair market value - what assets do they have vs liabilities? They have the slots, the aircraft, the brand - all of which have a value.

Heck, I'd offer €2!
Posts: 394
Joined: Sun May 07, 2000 4:50 am

RE: DAT Bought For EUR 1

Sat Dec 22, 2001 3:12 am


It was also announced on the skynet starting page... let's have a look!

Posts: 367
Joined: Tue Oct 16, 2001 3:06 am

RE: DAT Bought For EUR 1

Sat Dec 22, 2001 3:30 am

I wonder if other airlines will file a complaint with the European Commission.

Seems like the "private investors" are getting tax-breaks for their investment or rather interest-free loan to DAT
Posts: 4359
Joined: Wed Nov 17, 1999 8:28 pm

RE: DAT Bought For EUR 1

Sat Dec 22, 2001 3:33 am

Strange that Dutch airline mangers seem to doing very well in Belgium (the Chairman of the board is Rob Kuijpers).

However, the transfer of all shares is subject to what will happen at SIC and off course the EU Commission.

VRT also reports that the Flemish government has decided to stay out of DAT after reviewing the business plan again.

Thus a new airline with a Dutch Chairman of the Board, financed partially by the Walloon and Brussels government (regional governments), financed indirectly by the Federal government, with some private investors and still no alliance partner. Wow almost an exact copy of Crossair (it makes you wonder if Davingnon and Lippens bought the Crossair business plan).

Merry Christmas to you all
Laurens Janssen

RE: DAT Bought For EUR 1

Sat Dec 22, 2001 4:22 am

I can't figure it out.

does DAT stand for something?

Posts: 5880
Joined: Tue Oct 09, 2001 7:56 pm

Ceilidh And Laurens...

Sat Dec 22, 2001 4:26 am

Laurens: How high is the purchase price overall? Or is it too soon to calculate?
Ceilidh: Just don't bid € 2, trust me. You'd get all the assets, true, but you'd get the liabilities, too. Therefore my question to Laurens about the real purchase price, which is calculated as sum of € 1 and the amount of liabilities accumulated in the company. Idon't know how rich you are, but I'm pretty sure you'd poor after this deal!
Merry Christmas
I know it's only VfB but I like it!
Posts: 160
Joined: Sat Jun 16, 2001 8:05 pm

RE: DAT Bought For EUR 1

Sat Dec 22, 2001 4:53 am

Posts: 4359
Joined: Wed Nov 17, 1999 8:28 pm

RE: DAT Bought For EUR 1

Sat Dec 22, 2001 5:05 am

It's EUR 1. However, they must also invest EUR 200mio. The question remains how much all the assets are worth. It's my understanding that an EUR 1 transaction or better transactions with a symbolic price are only done when the company is either bankrupt or close to it.

I have no insight the the balance assets-lliabilities of DAT itself. DAT has been consolidated into the accounts of Sabena and it's virtually impossible to get a picture of the exact balance for DAT unless you're an insider (which I'm not). The only thing we now is that there is claim by SIC and the bridge facility of anything ranging from EUR 30mio to EUR 125mio (personally I think it's somewhere around EUR 50mio).

As for the claim of SIC. If the recapitalisation of SIC doesn't happen the deal will not go through, thus in my view the SIC issue must not be taken into account. Furthermore, it's very difficult to assign a value to the slots and other intangible assets which DAT posseses. As you may know, slots aren't yet on the balance sheet and personally I think the correct value of intangible assets is in most cases difficult to determine (moreover if the asset is in a way non-transferable and thus only has a value if one takes over the airline). Thus a good calculation of the goodwill which DAT has or doesn't have is difficult to make.

The only thing I would like to know is how high the other bid(s) were. It's almost certain that there has been at least one other bid for DAT as the DAT CEO said once that the investor group around Lippens and Davignon is not the only bidder. He may have lied about this but I don't think he would have done it.

I hope some day DAT will publish some more financial details (it's very vague at this moment) allthough I doubt it.


RE: DAT Bought For EUR 1

Sat Dec 22, 2001 7:43 am

From PPRuNe:

And the Financial Times reports about a refusal of the Davignon offer by the curators...
Anyway, hope this turns out to keep more pilots off the market, all the contracted pilots at DAT received their notice for the end of the year...
forgot the link if someone is interested...

Popular Searches On Airliners.net

Top Photos of Last:   24 Hours  •  48 Hours  •  7 Days  •  30 Days  •  180 Days  •  365 Days  •  All Time

Military Aircraft Every type from fighters to helicopters from air forces around the globe

Classic Airliners Props and jets from the good old days

Flight Decks Views from inside the cockpit

Aircraft Cabins Passenger cabin shots showing seat arrangements as well as cargo aircraft interior

Cargo Aircraft Pictures of great freighter aircraft

Government Aircraft Aircraft flying government officials

Helicopters Our large helicopter section. Both military and civil versions

Blimps / Airships Everything from the Goodyear blimp to the Zeppelin

Night Photos Beautiful shots taken while the sun is below the horizon

Accidents Accident, incident and crash related photos

Air to Air Photos taken by airborne photographers of airborne aircraft

Special Paint Schemes Aircraft painted in beautiful and original liveries

Airport Overviews Airport overviews from the air or ground

Tails and Winglets Tail and Winglet closeups with beautiful airline logos