yul332LX
Posts: 798
Joined: Sat Feb 07, 2004 5:15 am

JetsGo: Trustee's Report To Creditors

Fri Jun 24, 2005 7:50 am

A few tidbits from the trustee's report to the meeting of creditors held today in Montreal:

SG was officially owned by Leblanc Capital Trust/M. Leblanc family Trust (90%) and Fidelity Investment (10%)

SG was planning a $100 million IPO in 2004 to finance the acquisition of F100s and future growth. However, the IPO was "not done" and therefore, the expansion of new routes, qualified as more profitable by SG, was delayed. Result: Negative cash flow in the second part of 2004 and early 2005.

SG's net losses in the 2003 fiscal year, $6,4 million and $46 million for the first 7 months of the 2005 fiscal year.

Statement of affairs, May 13:
Assets:$38,207,000 (including 30,000,000 for aircraft/engines)
Liabilities: $128,717,000
Deficit: $90,510,000 = Deep shit.

Thusfar, 6 F100s have been sold for a total price of $15,8 million. $11,5 million of this money is held in escrow pending the resolution of the NAVCAN vs. Jetsgo proceedings. All remaining aircraft are already subject to a LOI or APA. Excellent news for the creditors here.

Strangely enough, MD-83 lessors have yet to file claims against SG!!!

If you want to read the whole tale:
http://www.rsmrichter.com/downloads/...rstMeetingCreditors_2005-06-23.pdf
E volavo, volavo felice più in alto del sole, e ancora più su mentre il mondo pian piano spariva lontano laggiù ...
 
yul332LX
Posts: 798
Joined: Sat Feb 07, 2004 5:15 am

RE: JetsGo: Trustee's Report To Creditors

Sat Jun 25, 2005 2:40 am

E volavo, volavo felice più in alto del sole, e ancora più su mentre il mondo pian piano spariva lontano laggiù ...
 
slawko
Posts: 3742
Joined: Tue May 25, 1999 7:40 am

RE: JetsGo: Trustee's Report To Creditors

Sat Jun 25, 2005 3:38 am

Because the lessors actually owe SG money...thats why they just agreed to take the planes back....
"Clive Beddoe says he favours competition, but his actions do not support that idea." Robert Milton - CEO Air Canada
 
AMSSFO
Posts: 912
Joined: Wed Feb 02, 2005 8:42 am

RE: JetsGo: Trustee's Report To Creditors

Sat Jun 25, 2005 8:18 am

Quoting YUL332LX (Thread starter):
6 F100s have been sold for a total price of $15,8 million

According to the report there are two buyers. Does anyone know who?
I read somewhere that Germania wanted to buy 15 former Jetsgo F100's. Correct?
 
slawko
Posts: 3742
Joined: Tue May 25, 1999 7:40 am

RE: JetsGo: Trustee's Report To Creditors

Sat Jun 25, 2005 8:53 am

Ford got one airplane and some European leasing company got the others.
"Clive Beddoe says he favours competition, but his actions do not support that idea." Robert Milton - CEO Air Canada

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