Gonzalo
Topic Author
Posts: 1529
Joined: Tue Aug 23, 2005 2:43 am

Bailout + Radical Restructuring For Gulf Air

Mon Oct 15, 2012 1:30 pm

Summary of the information provided here :

*Bailout for USD 494 M.
*Workforce reduction from 3800 to 1800 workers
*Fleet reduction from 39 to 20 aircraft.
*Cancellation or new deals re orders for 20 A333 and 16 B787

All this depending on the negotiations with parliament...

http://atwonline.com/airline-finance...include-radical-restructuring-1015

Rgds.

G.
Gear Up!!: DC-3 / EMB-110 / Fairchild-227 / Ab318-19-20-21 / B732 / B763 / B789
 
AWACSooner
Posts: 1807
Joined: Tue Jan 22, 2008 12:35 am

RE: Bailout + Radical Restructuring For Gulf Air

Mon Oct 15, 2012 2:11 pm

With EK, EY and QR calling the shots in the region, I think airlines like Gulf Air, Oman Air and Kuwait Air are about to become shells of their former, long-haul, selves.
 
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Stitch
Posts: 23505
Joined: Wed Jul 06, 2005 4:26 am

RE: Bailout + Radical Restructuring For Gulf Air

Mon Oct 15, 2012 2:17 pm

Well if they're only going to do BAH-LHR and BAH-CDG, they don't need either the A330-300 or the 787-8 so I would expect both orders to be cancelled in full.

I'd keep the four A340-300s and use them as the A330-200s have more value on the open market (about 50% more value).

[Edited 2012-10-15 07:19:05]
 
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kc135topboom
Posts: 11022
Joined: Sun Jan 30, 2005 2:26 am

RE: Bailout + Radical Restructuring For Gulf Air

Mon Oct 15, 2012 2:26 pm

If GF wants to return to profitability with a reduced fleet of just 20 airplanes, here is what I think they should do;

1.) Cancel the 20 A-333 order.
2.) Ground/sell the 1 remaining A-340 and put the 3 stored up for sale.
3.) Keep an order for 10 of the 16 B-787s, cancel the remaining six.
4.) As the B-787s enter the fleet, begin selling all 10 A-332s (2016 or 2017 EIS?).
5.) Ground/sell the 2 A-319s.
6.) Keep the 3 A-321s.
7.) Keep 7 A-320s (of 14), selling 7, cancel the order for 2 more.
8.) Ground/sell the 2 E-190s.

GF ends up with the following fleet;

1.) 10 A-332s, to be replaced by the B-787, as currently planned.
2.) 3 A-321s
3.) 7 A-320s.

They should reduce their routes by cancelling the following destinations;

KBL, DAC, CAI, ADD, MAA, IFN, MHD, EBL, KTM, LHE, PEW, DMM, ELQ, TIF, CMB, KRT, DAM, EBB, ANN, MAN, and JFK. This still leaves GF with about 25 destinations in the ME, EU, Africa, South Asia, Pacific region, and one US destination (IAH).

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