VLM (SHS Antwerp Aviation) news 2018

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Passenger
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Passenger » 05 Sep 2018, 15:38

The liquidator appointed by the board is no bankruptcy curator appointed by the trade court. The liquidator isn't allowed to sell parts. He first has to make an inventory of all assets and debts. Only when all creditors have been paid, including mr Harm Prins, the liquidator is allowed to sell what is left, with balance going to the shareholders.

In between, the liquidator is allowed to negociate a full take over the company, thus including all assets ànd all debts: aircraft, aircraft parts, airport slots, a suspended AOC, brand name, the computers & furniture, unpaid invoices, unpaid VAT and other unpaid taxman bills, all staff related costs.

With the information that has been published so far, it doesn't make sense to discuss a full take over with the liquidator. Just look at the 2017 annual account: operational result was -5,1m and cumulated loss (overgedragen verlies / perte transférée) of 5,7m. Now, calculate how much tickets ANR-LCY-ANR one must sell to recover that...

With the nomination of a liquidator, SHS Aviation nv/sa has only bought some time.

FLYAIR10
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by FLYAIR10 » 05 Sep 2018, 21:10

by Passenger » 05 Sep 2018, 15:38
The liquidator appointed by the board is no bankruptcy curator appointed by the trade court. The liquidator isn't allowed to sell parts. He first has to make an inventory of all assets and debts. Only when all creditors have been paid, including mr Harm Prins, the liquidator is allowed to sell what is left, with balance going to the shareholders.

In between, the liquidator is allowed to negociate a full take over the company, thus including all assets ànd all debts: aircraft, aircraft parts, airport slots, a suspended AOC, brand name, the computers & furniture, unpaid invoices, unpaid VAT and other unpaid taxman bills, all staff related costs.

With the information that has been published so far, it doesn't make sense to discuss a full take over with the liquidator. Just look at the 2017 annual account: operational result was -5,1m and cumulated loss (overgedragen verlies / perte transférée) of 5,7m. Now, calculate how much tickets ANR-LCY-ANR one must sell to recover that...

With the nomination of a liquidator, SHS Aviation nv/sa has only bought some time.

Would it not have made sense to continue operations for a few weeks in line with the reduced schedule(LCY and ZRH + charters) ,sell 2-3 fokkers and at the same time start negotiations with interested parties to take over the company? As far as I can understand LCY and ZRH were showing an operational profit lately and together with some charters could have brought in extra money in the meantime.
But maybe overhead cost + labourcosts/redundancy fees were still too high for this scenario and they went for the hard close of ops...

Inquirer
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Inquirer » 05 Sep 2018, 22:08

The Flemish newspaper 'de tijd' ran an in depth story about the close business ties between the two VLMs that remain until this very day and how they affect any possible restart.
Quite interesting, but also very confusing and indicative of the lack of direction the investors in both airlines have put on display so far.
https://www.tijd.be/ondernemen/luchtvaa ... 46508.html
The sole asset of VLM Antwerp seems to be the flight license, mainly to British Airlines trying to escape from the consequences of Brexit.

koninckske
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by koninckske » 06 Sep 2018, 09:30

It is actually shocking to read what is going on between those 2 VLMs. My fears is that Harm Prins will in the end kill both companies. At the moment he seems to be playing a game to get the profitable parts of VLM Antwerp for free in return for dropping some legal claims against SHS Aviation.

The liquidator seems hopeful to have a solution next week. Most likely a British airline taking the AOC indeed. If possible with a restart of routes to LCY and ZRH. Flybe, flybmi, Eastern Airways and maybe BA Cityflyer seem to fit this profile.

VLM is gone, but I hope this will mean a solution to save some jobs in Antwerp.

Inquirer
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Inquirer » 06 Sep 2018, 10:03

Well, it's definitely enlighting to read more about all the behind the scene business ties.
Not sure it's to be called shocking however: commercial aviation is a business envionment with little room for emotions, sympathy or nostalia, so none of this should come as a surprise in fact.
No shareholder is going to waste millions just for the sake of a historic name, some beloved logo, or a nostalic feeling around certain places: if it doesnt make sense, it needs to go, simple as that indeed.
It's something many around here seem to forget quite easily.
Similar to fans of football teams almost actually.
But I agree it doesnt look good for either VLM.

jureavi
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by jureavi » 07 Sep 2018, 10:33

there are three vlm:
VLM REGIONAL (SHS Antwerp Aviation) is in liquidation
VLM Brussels is not in liquidation
VLM Airlines Slovenia ???

Stij
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Stij » 07 Sep 2018, 10:42

Hi Jureavi,

Welcome to Aviation24!

I'm not sure about Slovenia, but maybe someone else knows better!

Stij
See where I've flown at OpenFlights!

Passenger
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Passenger » 07 Sep 2018, 11:16

jureavi wrote:
07 Sep 2018, 10:33
there are three vlm:
VLM REGIONAL (SHS Antwerp Aviation) is in liquidation
VLM Brussels is not in liquidation
VLM Airlines Slovenia ???
VLM Antwerp = SHS Antwerp Aviation nv/sa:
https://kbopub.economie.fgov.be/kbopub/ ... =547945971
They are indeed in voluntary liquidation ("vrijwillige vereffening en ontbinding"), although the official document hasn't been published yet. But a lawyer from Monard Law Antwerp confirmed this on local tv ATV.

VLM Brussel = VLM Airlines nv/sa:
https://kbopub.economie.fgov.be/kbopub/ ... =476635729
This is former Thomas Cook Airlines Belgium.
Judicial status: normal.

VLM Airlines Slovenia:
awaiting an update from an Aviation24.be member in Maribor...

and RIP the old VLM Airlines nv/sa, bankruptcy 22th June 2016:
https://kbopub.economie.fgov.be/kbopub/ ... =446670251

Avnu
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Avnu » 07 Sep 2018, 11:17

According to the Slovenian business registry the local company "VLM Airlines, letalski prevozi, d.d." is still active yes. BTW: Google Translate told me "letalski prevozi" means "lethal transport" in English but I'm sure it's not THAT bad :)

jan_olieslagers
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by jan_olieslagers » 07 Sep 2018, 12:21

:) this utility is useable to some degree for Germanic and Latin languages, but is much less performant on Slavic tongues. I find slo:Letališče to mean "airfield" or "aerodrome" so there does seem to be a link to aviation.

Aselwyn
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Aselwyn » 07 Sep 2018, 13:43

Someone really needs to clear up the 3 VLM's on Wikipedia. since its right now showing just the 1 of 3.

Flanker3
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Flanker3 » 07 Sep 2018, 17:33

carllegein wrote:
01 Sep 2018, 15:29
Flanker3 wrote:
31 Aug 2018, 23:34
Vizion Air, why don't you guys take over what's left?
You guys know what you're doing, plus you have an active Part145, Part M, a quality department in VLM.

Take it over for peanuts, keep it lean and small, use it for you own charters and expand the charter business organically.
we will first see how to cover all booked flights. Luckily not all eggs in one basket, so we have the reliable Saab and ATR72 working for Vizion Air. And honestly, if we are highly succesfull it is because we try not to play in a too high league : ) there is a difference between a great virtual airline that is financially strong and a airline with 100 staff in terms of investment and risk!

Haplek
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Haplek » 10 Sep 2018, 12:15

"Letalski prevozi" is something like "Aviation Transport". It makes sense in slovenian language for sure.

jan_olieslagers
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by jan_olieslagers » 10 Sep 2018, 12:28

Someone really needs to clear up the 3 VLM's on Wikipedia.
Doing my best, at least on the disambiguation page. What is the formal name of the Brussels operation?

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sn26567
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by sn26567 » 10 Sep 2018, 14:26

jan_olieslagers wrote:
10 Sep 2018, 12:28
What is the formal name of the Brussels operation?
VLM Airlines nv/sa.

The Antwerp operation was SHS Antwerp Aviation nv/sa, trading as VLM (without Airlines).
André
ex Sabena #26567

Passenger
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Passenger » 10 Sep 2018, 14:44

sn26567 wrote:
10 Sep 2018, 14:26
jan_olieslagers wrote:
10 Sep 2018, 12:28
What is the formal name of the Brussels operation?
VLM Airlines nv/sa.

The Antwerp operation was SHS Antwerp Aviation nv/sa, trading as VLM (without Airlines).
Their "maatschappelijke naam" is "VLM Airlines" nv/sa indeed.

Their trading name is bizar: The Belgian KBO CBE Kruispuntbank Ondernemingen still mentions it's "Thomas Cook Airlines Belgium", but the KBO/CBE is only for 99,5% accurate.
https://kbopub.economie.fgov.be/kbopub/ ... =476635729

However, in another official publication in Belgium's State Gazette, they are registered as:
Name: VLM Airlines
Abbreviated: TCAB
http://www.ejustice.just.fgov.be/tsv_pd ... 317369.pdf
Or maybe this was this an error from the griffe / Griffie Handelsrechtbank?

And the Belgian State Gazette published another act on 26th July 2018 by: "VLM AIRLINES TCAB"...
http://www.ejustice.just.fgov.be/cgi_ts ... iste=Liste

TLspotting
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by TLspotting » 10 Sep 2018, 18:18

Lots of VLM in sight...

If VLM Brussels could change their name, it would be nice!

Sierra Bravo Airlines is a good name...
I'm Thibault >
> Student
> Spotter at home (or outdoor,that's better) since 2016
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SLM
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by SLM » 14 Sep 2018, 17:24

Any news about new flights between ANR and LCY? thanks

koninckske
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by koninckske » 15 Sep 2018, 12:13

There are more interested companies in SHS/VLM Antwerp than expected. From an initial 15 there remain about 10 now. This is why the liquidators have not made a decision on a deal yet. They will organise a bidding in the first two weeks of October. Both Belgian and British companies are expected to make a bid. They are hopeful to sell a package including the AOC, the profitable routes to LCY and ZRH and the 3 remaining F50s.

https://www.tijd.be/ondernemen/luchtvaa ... 49563.html

Passenger
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Passenger » 15 Sep 2018, 12:31

The voluntary liquidation (not to beconfused with bankruptcy) is now official:
https://kbopub.economie.fgov.be/kbopub/ ... =547945971
"Vereffenaars (liquidators) as from 31st August 2018: Youri Steverlynck and Birgitta Van Itterbeek"

Contact details:
https://www.monardlaw.be/web/guest/lawy ... rId=153169
https://www.monardlaw.be/web/guest/lawy ... erId=14968

Meanwhile, Anja Postrak is no longer Board member:
http://www.ejustice.just.fgov.be/tsv_pd ... 136586.pdf

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