SkyEurope Holding AG: Suspension of all flights.

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kleineboy
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SkyEurope Holding AG: Suspension of all flights.

Post by kleineboy »

Filing for Opening of Bankruptcy Proceedings of SkyEurope Airlines a.s

The Slovak court-appointed restructuring trustee of SkyEurope Airlines a.s.
filed today for the opening of bankruptcy proceedings of SkyEurope Airlines
a.s., the operating subsidiary of SkyEurope Holding AG, due to the lack of
sufficient interim funding to finance ongoing operations. All flights of
SkyEurope Airlines a.s. are suspended with immediate effect.

source: http://www.ots.at/presseaussendung/OTE_20090831_OTE0018

summersso
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by summersso »

SkyEurope suspends its operations

Dear Guests

Please be advised that SkyEurope has suspended its sales and operations immediately.

Those of you who have purchased flights with a credit card, please turn to your credit card issuing bank to seek refunds for unused portions of SkyEurope's flights.
In case you have paid directly to SkyEurope in other means than credit card (e.g. bank transfer, cash), please be advised that a refund may not be possible.
If you have ordered your flight tickets via a travel agency or organizer, you should discuss the matter with them first.
If you are already at the destination or have rented a car through SkyEurope's business partner, you may stay at the hotel and use the vehicle during the period originally agreed. You must, however, order a return flight from some other airline at your own expense.
You may also wish to contact your insurance provider to seek further guidance and support.
We regret for the inconvenience that have been caused to you.

http://www.skyeurope.com/en/skyeurope-s ... operations

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AF332
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by AF332 »

Does anyone know if this bankruptcy has an important impact on the activities of Snecma Services Brussels? As you know SkyEurope is (was) an important client of Snecma Brussels...

Philippe

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earthman
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by earthman »

AF332 wrote:Does anyone know if this bankruptcy has an important impact on the activities of Snecma Services Brussels? As you know SkyEurope is (was) an important client of Snecma Brussels...

Philippe
Besides probably leaving a huge unpaid bill?

regi
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by regi »

A real bankruptcy is never good. And it is always somebody else who pays the bill. In this case Snecma is an example. If the unpaid bill is big, I feel sorry for the sales manager and the book keeping department who allowed the debt to increase.

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Atlantis
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by Atlantis »

It's now the perfect time for Easyjet to jump into the gap.

Easyjet is serving Vienna out of Luton. They can start now with flights to Vienna out of their European bases.

Jazzy
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by Jazzy »

According to a friend of mine in Vienna Brussels Airlines is offering return flights to Sky Europe customers. This was later confirmed on the 1900hrs VTM NIEUWS. Any confirmation on passengers connecting via BRU to other SKY Europe destinations?


I flew them a few times and found their servic ok. Looked a bit like VEX in the old days. Sad they have gone....

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sn26567
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by sn26567 »

RYANAIR LAUNCHES SKYEUROPE RESCUE FARE

Ryanair, the World’s favourite airline, today (1st Sept), launched a £25 (one way including taxes and charges) rescue fare* for SkyEurope passengers who may have been left stranded or have had their travel plans disrupted by the bankruptcy of the airline yesterday. This fare applies to Bratislava flights to/from Alicante, Barcelona (Girona), Brussels (Charleroi), Rome (Ciampino), Liverpool and London (Stansted).

Ryanair also pledged to assist with the repatriation of passengers who may be caught up in any future airline collapse and advised passengers that the best way to ensure travel plans are protected is to travel only with financially secure airlines such as Ryanair.

Ryanair’s rescue fare can be booked via http://www.ryanair.com/member/SkyEuroperescuefare.html until 15th September for travel until 17th December, and applies to SkyEurope passengers only.

Ryanair’s Stephen McNamara said:

SkyEurope’s failure underlines the risk of flying with an airline that is not financially stable. Ryanair will help stranded passengers return home and ensure that those with travel plans up to 17thDecember can still travel.

Ryanair has the biggest route network in Europe making it easier for stranded SkyEurope passengers to find a local airport and return home. SkyEurope passengers can book these rescue fares for only £25 including taxes and charges via http://www.ryanair.com until 15th September.

“Ryanair strongly advises all passengers to book airfares only with financially stable airlines. By booking with Ryanair you will secure the guaranteed lowest fares and no fuel surcharges and can be sure that Ryanair will still be flying when your fl ight date arrives. With over €2billion in cash reserves Ryanair is one of the most financially robust airlines in Europe
”.

Bratislava to/from / Available from
Alicante 2nd Sept
Barcelona (Girona) 2nd Sept
Brussels (Charleroi) 2nd Sept
Rome (Ciampino) 3rd Nov
Liverpool 27th Oct
London (Stansted) 2nd Sept

* This fare must be booked via http://www.ryanair.com/member/SkyEuroperescuefare.html and passengers must quote their SkyEurope booking reference and bring the same reference for verification at the airport check-in point. Passengers who arrive to check-in without their SkyEurope booking reference cannot be accepted for travel.

Ryanair press release Tuesday, 1st September, 2009
André
ex Sabena #26567

summersso
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by summersso »

Jazzy wrote:According to a friend of mine in Vienna Brussels Airlines is offering return flights to Sky Europe customers. This was later confirmed on the 1900hrs VTM NIEUWS. Any confirmation on passengers connecting via BRU to other SKY Europe destinations?
A friend of mine who was supposed to come visit on 18-20 Sept called Brussels Airlines yesterday, then said they planned a "geste commercial", but there's no news on their website.

Does anyone have any further information? Might Brussels Airlines offer some promotional/rescue deal for passengers booked on SkyEurope? Would be an endearing gesture...

Boeing767copilot
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by Boeing767copilot »

Brussels Airlines offers a promotional/rescue deal for Sky Europe passengers for ....150 euro..... :lol: :cry:

Boeing767copilot
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by Boeing767copilot »

FYI:

Czech Airlines: 50 euro
easyJet: 40 euro
Wizz Air: 30 euro
Ryanair: 25 euro

Boeing767copilot
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by Boeing767copilot »

Wizz Air adds third aircraft to Prague
Following its rescue offer made to SkyEurope passengers yesterday, Wizz Air announced today that it would further expand in Prague. The company will increase frequencies on some of its existing routes already from September and October and add a third aircraft enabling new route openings from June 2010 with announcement coming shortly.

The currently available services from Prague are as follows:
Route Currently 20 Sep- 24 Oct 25 Oct - onwards Change
London Luton 6 7 7 Increase
Rome Fiumicino 6 6 7 Increase
Milan Bergamo 4 5 7 Increase
Brussels Charleroi 4 5 7 Increase
Eindhoven 4 5 6 Increase

b720
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by b720 »

the owner or shareholder of sky europe, is he not the same of the defunct city bird of belgium?? that ended in a bankruptcy if I remember well and sky europe was established i slovakia shortly after the citybird bankruptcyl.. I just hope they will not establish a new airline somewhere any time soon, or i the future.

LX-LGX
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by LX-LGX »

(quote from SkyEurope's website):
Those of you who have purchased flights with a credit card, please turn to your credit card issuing bank to seek refunds for unused portions of SkyEurope's flights.
Payments done by a credit card are transferred onto SkyEurope's bank account after a period that has been agreed for by SkyEurope and the bank card companies (Visa, Mastercard, Amex, Diners). The commission that SkyEurope has to drop depends on the payment period. Example: 3% commission if payment is done after 7 days, 2% commission if payment is done after 14 days, 1% commission if the credit card company only has to pay after 31 days. I don't know on what %-contract SkyEurope was, but keeping in mind their cash problem, I assume they've signed for weekly payments. This means that the credit card payments from clients is transferred onto their bank account after one week. So the above remark from them "please turn to your credit card issuing bank to seek refunds" is only valid for those who have paid during the last week, when the credit card company still can withhold payment to SkyEurope. But once payment into their bank account is done, both banks and credit card companies will regard that the payment was legal: "signature on file". Banks will of course open a file, but that is just pro forma, to calm down their clients.
(quote from SkyEurope's website):
If you have ordered your flight tickets via a travel agency or organizer, you should discuss the matter with them first.
Indeed. SkyEurope was on BSP (IATA's Billing and Settlement Plan), so depending on the bond they had there, there is a possibility on a refund. Unless for group payments with contract tariff and payment by bank draft.
(quote from SkyEurope's website):
If you are already at the destination or have rented a car through SkyEurope's business partner, you may stay at the hotel and use the vehicle during the period originally agreed. You must, however, order a return flight from some other airline at your own expense.
Indeed, as payment to hotels and car rentals are done through an affiliate program, thus direct to the hotel and car rental company - with SkyEurope recieving a payment per through-click.

Boeing767copilot wrote:FYI:
Czech Airlines: 50 euro
easyJet: 40 euro
Wizz Air: 30 euro
Ryanair: 25 euro
I wonder who will be the cheapest if we add all luggage fees, check-in fees, handling fees, early boarding surcharges, booking surcharges and payment surcharges. As one can hitchhike from Charleroi to Brussels, I don't calculate that overland costs.

Boeing767copilot wrote:Brussels Airlines offers a promotional/rescue deal for Sky Europe passengers for ....150 euro.....
Good move from Brussels Airlines. They respect their passengers. Imagine they would sell it for 25 or 50 euro. What would all frequent flyers think about Brussels Airlines, giving a better rate to people who clearly didn't like Brussels Airlines initially, as they've booked elsewhere? Imagine you are on that flight, and you have paid 199 euro three months ago. And then, your neighbour on the plane tells you that he has booked one of the last seats for only 50 euro, although he doesn't like Brussels Airlines - hence his booking with SkyEurope? Trust he will also tell you that he will fly EasyJet or Ryanair next time, and not Brussels Airlines.

It's not up to Brussels Airlines to give presents to one-time passengers. Ryanair, EasyJet and others LCC's give a good rate because they know that SkyEurope's clients now need another LCC.

andorra-airport
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by andorra-airport »

“Ryanair strongly advises all passengers to book airfares only with financially stable airlines"

As if passengers will check that. Did YOU ever?

"By booking with Ryanair you (..) can be sure that Ryanair will still be flying when your flight date arrives"

Oh yes? And what if THAT does not happen? I get my money back ? Or do I have to buy a 40 euro ticket with Easyjet ??

Ok, it's a stable airline, but in dutch we say: Hoogmoed komt voor de val.

Stij
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by Stij »

andorra-airport wrote:As if passengers will check that. Did YOU ever?
Actually yes, if the rumours start, I avoid booking them, or I book with the codeshare partner if possible. Although I admit, if you aren't an aviation geek, it's difficult to know.
andorra-airport wrote: Hoogmoed komt voor de val.
Couldn't agree more. But, when you look at their Balance sheet, you have to conclude that they are a financially sound company: 3 Billion € of cash for a turnover of 4 Billion €, that's gigantic...

Source: http://finance.yahoo.com/q/is?s=RYAAY&annual

Cheers,

Stijn

LX-LGX
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by LX-LGX »

Stij wrote: ... Ryanair ... when you look at their Balance sheet, you have to conclude that they are a financially sound company: 3 Billion € of cash for a turnover of 4 Billion €, that's gigantic.
Source: finance.yahoo.com/q/is?s=RYAAY&annual
Indeed : it looks excellent. It's almost as good as the balance sheet from Lernout & Hauspie.

But actually, today's costs and flight-related expenditures from LCC's are paid with the cash they've recieved for future bookings. For those who understand Flemish, I recommend the recent article "Ryanair speelt paniekvoetbal" from De Standaard:
http://www.standaard.be/Artikel/Detail. ... d=A02E0Q5D

All low costs airlines will have to face it: the sky ain't the limit. After a period of booming results, the growth will become a one-decimal figure. We've seen with SkyEurope what happens then.

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tolipanebas
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by tolipanebas »

LX-LGX wrote:For those who understand Flemish, I recommend the recent article "Ryanair speelt paniekvoetbal" from De Standaard:
http://www.standaard.be/Artikel/Detail. ... d=A02E0Q5D
All low costs airlines will have to face it: the sky ain't the limit. After a period of booming results, the growth will become a one-decimal figure.
Indeed, the 'secret' of a successful LCC is 2-fold: high loadfactors and saving money on everything on the ground.

To guarantee a high load factor, LCCs offer low frequencies on their routes (often not even once daily) and need to be extremely cautious when adding capacity to their existing routes, which is why you'll often see they prefer to open a brandnew route, rather than increase capacity on an existing route which is doing relatively well, since the latter is actually more tricky.

This 'trick' of tapping into new small markets all the time has worked well for a long time, but after the boom of the last few years, LCC are running out of new and previously still unserved shorthaul routes to start serving, so you now see them announcing routes which are ever futher away. The thing is however that on those routes, the percentage share of the 'non flying' operating costs on which they can make the difference becomes ever smaller, making it ever so difficult for them to still offer prices which differ much from the competition's...

The fact FR now ventures as much south as the Canary Islands (4 hour flights!) is actually proof they have reached the ceiling in continental Europe and they know it! In the long future, if they want to sustain their growth, they will have to change into an airline offering more frequencies and thus accept lower loadfactors and charge higher fares to offset those in a way Easyjet now does, or they will have to admit there's an end to their growth after all and they will not eat the competition alive at all, quite on the contrary.
For the time being though, MOL keeps playing his same mantra, which is actually very scary to see: he has to be cautious not to be seen like somebody stuck in the past, or his highdays will soon be over!

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earthman
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by earthman »

LX-LGX wrote:But actually, today's costs and flight-related expenditures from LCC's are paid with the cash they've recieved for future bookings. For those who understand Flemish, I recommend the recent article "Ryanair speelt paniekvoetbal" from De Standaard:
http://www.standaard.be/Artikel/Detail. ... d=A02E0Q5D
That sounds like a Ponzi-scheme to me... 'Paying' (flying) current 'investors' (passengers) with the money they get from new 'investors' (passengers for new routes).

luckyme
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Re: SkyEurope Holding AG: Suspension of all flights.

Post by luckyme »

LX-LGX wrote: Indeed : it looks excellent. It's almost as good as the balance sheet from Lernout & Hauspie.

But actually, today's costs and flight-related expenditures from LCC's are paid with the cash they've recieved for future bookings. For those who understand Flemish, I recommend the recent article "Ryanair speelt paniekvoetbal" from De Standaard:
http://www.standaard.be/Artikel/Detail. ... d=A02E0Q5D

All low costs airlines will have to face it: the sky ain't the limit. After a period of booming results, the growth will become a one-decimal figure. We've seen with SkyEurope what happens then.
You have a wonderful sense of humour 8-)

Ryanair is no L&H, Enron or Madoff setup. Let me explain why.

If you are ever super super bored download the current Ryanair 200 page annual report and/or 20-F report from http://www.ryanair.com/site/IE/about.ph ... d&ref=2009

From those reports I quote page 139 of Annual Report 2009:
Revenue from the sale of flight seats is recognised in the period in which the service is provided. Unearned revenue represents flight seats sold but not yet flown and is included in accrued expenses and other liabilities. It is released to the income statement as passengers fly.
and
Ancillary revenues are recognised in the income statement in the period the ancillary services are provided

(ancillary=non-flight)

At any given time the money from tickets sold but not yet travelled totals about €500 million and is held independently by merchant banks who charge Ryanair a fee to hold onto the money until the day of travel when it is released to Ryanair.

The article in De Staandard is a joke with things like "The beginning of the end" if I understand it correctly. For example Ryanair is one of the very few currently profitable airlines in the entire world and is nothing like SkyEurope et al which were a waste of space business wise however great the intention was.

So called major airlines like LH, BA, AF/KLM etc have been unable to raise money from banks to pay for new aircraft so have had to run back to their shareholders for cash. Meanwhile Ryanair has no such problems and has just successfully completed the largest recent aircraft financing deal worth $1.6 billion for 55 aircraft: http://www.ryanair.com/site/IE/news.php ... -en-310709

Back to SkyEurope, they were acting shamefully in their final months with regular heavy delays and cancellations. The constant last minute attempts to get peoples money with '2 for 1' tickets was a disgrace when they fully knew that time was running out and now people are left stranded with no hope of a refund :roll:

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