Stratofish
Topic Author
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Joined: Mon Sep 24, 2001 6:38 am

Aero Lloyd May Fly Again

Thu Oct 23, 2003 1:28 am

And as early as this weekend, that is.

After forcing the company into bankruptcy in a very strange way, BayLaBa (owns 66%) has granted 5 million EUR to restart operations while a new investor is to being looked for.

Very strange behaviour by BayLaBa I would say. Somebody is playing a dirty game out there.

http://portale.web.de/Finanzen/Luftfahrt/

BAB,00.html>
sorry German only

Stratofish
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Leskova
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RE: Aero Lloyd May Fly Again

Thu Oct 23, 2003 1:33 am

BayLaBa really must have too much money!!! Shutting an airline down and then restarting it? What a stupid way of throwing money out the window.
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Andreas
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RE: Aero Lloyd May Fly Again

Thu Oct 23, 2003 1:36 am

Well ok, obviously we need another thread on this one...

Yes, nice to hear, and no, there is no foulplay involved, rather a very amateurish and extremely ill-prepared behaviour of BayLaBa, actually I suspected that much after the first news in the illiquidity, so they got a bloody nose this time, but it won't keep YP from being under pressure to perform this time, because if not, the agencies will never again charter their aircraft.

Leskova: No, they just realized that their losses could be a lot higher if they really close down, "Durchgriffshaftung" etc., so they decided to throw a few million into the ring to get their head out of the noose, if it's a permanent solution...? Well, let's wait and see.

The liquidator is a very experienced guy who knows quite well how to put the screws to the stakeholders Big grin

[Edited 2003-10-22 18:39:10]
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Stratofish
Topic Author
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RE: Aero Lloyd May Fly Again

Thu Oct 23, 2003 2:00 am

Well, I am eargerly waiting to see who will emerge as the new investor and see if he got any ties with BayLaBa.

Was there another thread? I tried to find one and couln't (still can't) and considering the news came out around 16:00...

Anyone still wondering why BayLaBa has posted a 3,9% decline in gross revenue???
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Andreas
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RE: Aero Lloyd May Fly Again

Thu Oct 23, 2003 4:32 pm

Well definitely not because of YP! YP will be shown as an impairment to shareholdings and a write-down in credit or rather an increase in risk provision, but certainly not a decrease in gross turnover Big grin

..and actually I'm pretty eager to hear who in the world is currently prepared to put equity into a charter carrier that has no ties to the large tourism groups. Probably a financial investor, and to hear the exit story will be great fun, but basically you're right, I suspect it will be an investor close to BayLaBa, one that still owes the bank one  Big grin

Main thing now is to get at least some of the aircraft into the air to build up trust in the market again.
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Leskova
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RE: Aero Lloyd May Fly Again

Fri Oct 24, 2003 1:49 am

In one of the travel-agency-magazines that we get they spread the rumor that SaarLB was supposedly prepared to provide capital to YP - but we haven't heard anything from YP since Monday, so I guess there's nothing new yet...

Andreas, you know your way around the banks in Germany, does SaarLB have the financial strenght to restart YP?
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Andreas
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RE: Aero Lloyd May Fly Again

Fri Oct 24, 2003 2:08 am

YP is a small company, and if I remember correctly we are talking about 40-50mn. Euro working capital facilities to carry on at non-reduced fleet and workforce (highly unlikely, amount will be rather lower).

If we talk about a shareholding: Basically SaarLB does own some financial holdings, on the other hand, SaarLB is owned by 75% by BayLaBa, so in terms of balance sheet, BayLaBa would keep its shareholding but re-locate inside the group. Such operations are commonplace in cases such as this one, to communicate publicly about interest of investors, without telling of course that it is just bare window-dressing.

I'd be much more excited if they came up with a third party investor.
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