antiuser
Posts: 646
Joined: Thu May 27, 2004 9:43 am

Courts Approve Vasp Recovery Plan

Sat Aug 26, 2006 3:42 am

Following in the footsteps of Varig, Vasp filed their recovery plan with a Sao Paulo state bankruptcy court, which approved it today. Judge Alexandre Lazzarini also stated that the management appointed by the labour courts will remain in control of the airline during the recovery process.

Like Varig, VP's plan consists in effectively splitting the company in 2. One company will retain investment funds for VP's assets (real estate, aircraft and parts), while the other will be the operational airline. Creditors will be able to obtain quotas of the investment funds and receive the profits from the sale of VP's assets. The plan is to get VP flying again in 8 to 10 months.

Vasp's case is more complicated than Varig's, however. As crippled as RG may be, their brand is still somewhat valuable, based on their history and sheer size. RG also had a large enough fleet that even with the recent shrinkage, they're still able to operate some routes with decent (if not good) aircraft. Vasp, on the other hand, has a long history of not honouring commitments with creditors, customers, governments and partner airlines. Their fleet, or whatever remained of it, is old and costly to mantain. The final nail in VP's coffin was the withdrawal by Brazil's civil aviation authority of their operating certificate, since VP failed to comply with airworthiness directives for their 737-200 fleet. At the time it was rumoured that the cost of bringing these aircraft up to date was higher than what the aircraft themselves were worth, and now you can see several of these aircraft rotting away in several airports around Brazil. Last but not least, they don't have a good image with the Brazilian public. Afther they finally went bust, what little market share they still held was quickly absorbed by GOL, TAM, BRA and even RG. It would take a lot of effort and money to bring VP up again, and it's probably not a very wise investment.

[Edited 2006-08-25 20:43:55]
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bennett123
Posts: 7426
Joined: Sun Aug 15, 2004 12:49 am

RE: Courts Approve Vasp Recovery Plan

Sat Aug 26, 2006 8:53 pm

VASP

A300B2K-203

0202 PP-SNL 1982 1982 ST 2001-2005 RTS 2005-
0205 PP-SNM 1982 1982 ST 2002-2003 2004- 40,169 Cycles
0225 PP-SNN 1982 1982 ST 2004-

B727-200F

21071 PP-SFC 1975 1996 ST 1993-1996 OK 2004
22079 PP-SFQ 1980 1998 ST 1993-1994 2005-
22425 PP-SFG 1980 1997 ST 1994-1996 OK 2004

B737-200

20092 PP-SMA 1969 1969 ST 2004-
20093 PP-SMB 1969 1969 ST 2005-2006+
20094 PP-SMC 1969 1969 ST 2004-
20096 PP-SME 1969 1969 Crashed 1986 Overran broke in two Sao Paulo
20155 PP-SMQ 1969 1974 ST 2004-2006+
20157 PP-SMR 1969 1974 ST 2004-2006+
20159 PP-SMS 1969 1974 ST 2004-2006+
20160 PP-SMT 1969 1974 ST 2004-2004 RTS 2004-
20346 PP-SMW 1970 1974 ST 2005-2006+
20589 PP-SMF 1972 1972 OK 2004
20777 PP-SMG 1973 1973 ST 2005-2006+
20778 PP-SMH 1973 1973 ST 2005-
20779 PP-SMP 1973 1973 OK 2004
20967 PP-SMU 1974 1974 ST 2005-2006+
20968 PP-SMV 1974 1974 DBR 1995 Fire School 1995-2004+ Sao Paulo
20969 PP-SMX 1974 1974 DBR 1978 Belly landing and fire Sao Paulo
20970 PP-SMY 1974 1974 DBR 1982 Nose gear collapsed aircraft broke in two Brasilia
20971 PP-SMZ 1974 1974 ST 2005-2006+
21073 PP-SPF 1975 1995 OK 2004
21094 PP-SNA 1975 1975 ST 2005-2006+
21095 PP-SNB 1975 1975 OK 2004
21236 PP-SPJ 1976 1976 DBR 2003 Undercarriage failed Rio Branco
21476 PP-SPI 1978 1995 OK 2004
21478 PP-SFI 1979 1998 ST 2005-2006+
21616 PP-SPG 1978 1994 OK 2004
22070 PP-SPH 1979 1994 ST 2005-





B737-300

24212 PP-SFJ 1988 1998 ST 2005-2006 Sold to as PR-BRJ 2006
25150 PP-SOT 1991 1998 ST 2004-2005+ NO E
25360 PP-SOU 1991 1991 ST 2005- TO BE RTL
27925 PP-SFN 1995 1998 OK 2005


Given the age of their fleet, plus 2 years parked, plus competition from VARIG/TAM/GOL etc, this looks to be a non starter.
 
antiuser
Posts: 646
Joined: Thu May 27, 2004 9:43 am

RE: Courts Approve Vasp Recovery Plan

Sun Aug 27, 2006 5:46 pm

Right. I'm not really expecting anything to come out of it, but with Canhedo you never know...
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