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TR763
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Vasp Recovery Plan Was Approved By Creditors

Fri Jul 28, 2006 2:22 am

According to "Folha de São Paulo", one of the most important newspaper of Brazil, VASP's creditors approved the airline recovery plan.

Infraero, which is VP's biggest creditor accepted to receive the amount of R$340 million (around US$717 mi) in ten years.
BR Distribuidora (fuel supplier), another big creditor of VP, is to receive R$112 million (US$ 236 mi) as a result of an agreement in which the airline would give up a lawsuit it has moved against the supplier, making it's debt reduce from R$ 278 million to the amount above.
The other creditors have the option to take Infraero's or BR way in order to receive the credits, or change them into FIPs (Fundos de Investimento e Participação - or Investment and Participation Funds) and take actives from the airline, such as properties or credits that VP has with the Brazilian government.

Now, VASP, which has the total debt of R$ 5 billion (aprox. US$ 10.5 bi), will see a future similar to RG. It will be divided in two, one operational - it's intended to fly again in the beginning of 2007 - and the other will administrate the actives and the liabilities.

Wagner Canhedo will continue to be the major shareholder, but there are rumors saying that he wants to sell his "steak" of the airline.

In my point of view, VP to start flying in the beginning of next year is very optimistic. But let's hope they do well and go back to the air.
None information was given about what a/c they'll use.

Rgs!
TR763
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The777Man
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RE: Vasp Recovery Plan Was Approved By Creditors

Fri Jul 28, 2006 2:31 am

Interesting info! Nice if VASP was able to rise from the ashes !

What about TransBrasil ? Any chance of them coming back ?

The777Man
Boeing 777s flown: UA, TG, KE, BA, CX, NH, JD, JL, CZ, SQ, EK, NG, CO, AF, SV, KU, DL, AA, MH, OZ, CA, MS, SU, LY, RG, PE, AZ, KL, VN, PK, EY, NZ, AM, BR, AC, DT, UU, OS, AI, 9W, KQ, QR, VA, JJ, ET, TK, PR, BG, T5, CI, MU and LX.. Further to fly.. LH 777
 
A342
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RE: Vasp Recovery Plan Was Approved By Creditors

Fri Jul 28, 2006 4:36 am

Quoting TR763 (Thread starter):
Now, VASP, which has the total debt of R$ 5 billion (aprox. US$ 10.5 bi)

Do you mean US$10.5 MILLION ?
Exceptions confirm the rule.
 
bennett123
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RE: Vasp Recovery Plan Was Approved By Creditors

Fri Jul 28, 2006 4:39 am

Surely it must be more than that.
 
piercey
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RE: Vasp Recovery Plan Was Approved By Creditors

Fri Jul 28, 2006 4:58 am

Quoting Bennett123 (Reply 3):
Surely it must be more than that.

It isn't, and don't call me Shirley.  duck 

Would this be a good idea? I know RG isn't in the best health and there are 2, 3 at the most, big players in Brazil, could the industry support another player?
Well I believe it all is coming to an end. Oh well, I guess we are gonna pretend.
 
baron95
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RE: Vasp Recovery Plan Was Approved By Creditors

Fri Jul 28, 2006 5:06 am

Quoting TR763 (Thread starter):
total debt of R$ 5 billion (aprox. US$ 10.5 bi)

Check your currency conversions - they are all wrong. R$ 5 billion is approximately US$2.3 billion (divide by 2.2 not multiply by 2.2).

VASP will never fly again, even if they did, the competitive environment in Brazil (with GOL, TAM, BRA) will kill them in short order.
Killer Fleet: E190, 737-900ER, 777-300ER
 
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TR763
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RE: Vasp Recovery Plan Was Approved By Creditors

Fri Jul 28, 2006 6:37 am

Quoting Baron95 (Reply 5):
they are all wrong. R$ 5 billion is approximately US$2.3 billion (divide by 2.2 not multiply by 2.2).

Yeah, I´m really sorry, I did the inverse!!
I multiplied when I should divide!!!! lol
Sorry guys!!
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ghost77
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RE: Vasp Recovery Plan Was Approved By Creditors

Fri Jul 28, 2006 6:54 am

Well it's similar and lower to RG's debt!!! With what fleet would they start?? With the old they had??

ghooost77 APM
Ricardo Morales - flyAPM - ¡No es que maneje rapido, solo estoy volando lento!
 
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TR763
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RE: Vasp Recovery Plan Was Approved By Creditors

Fri Jul 28, 2006 7:06 am

Quoting Ghost77 (Reply 7):
With what fleet would they start??

I had the opportunity to go to VP´s base in CGH, and in a talk with a person from the airline, it was said that they would try to get an all new fleet (this doesn´t mean brand new aircraft). 737-700 is their goal.
Even because, I doubt that they have any 737 in conditions to fly. The Airbusses are all depredated ( <- is this word correct?), no way that they can fly again.
As I said, I think they´re a little bit too optimistic!!

Rgs!
TR763

Once again sorry for my stupidity of putting all the currency wrong!! I feel really embarrassed for that!!!!
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LAXintl
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RE: Vasp Recovery Plan Was Approved By Creditors

Fri Jul 28, 2006 7:20 am

Would have been nice if a new thread was not started considering there is already one going this week on VASP return.
Vasp May Come Back (by C010T3 Jul 26 2006 in Civil Aviation)#ID2902237
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