VLM (SHS Antwerp Aviation) news 2018

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Mr Frost
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Mr Frost » 16 Sep 2018, 18:54

koninckske wrote:
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
so there are companies who are willing to take over VLM and fly again?

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CTBke
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by CTBke » 16 Sep 2018, 19:19

Mr Frost wrote:
16 Sep 2018, 18:54
koninckske wrote:
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
so there are companies who are willing to take over VLM and fly again?
that's what the article says yep :-)
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jan_olieslagers
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by jan_olieslagers » 16 Sep 2018, 19:23

And there is no surprise: there will always be custom for a good Antwerp-London service, and as long as the train has no such offer, by plane it will be. I am surprised that, pending a take-over, no-one (Carl?) operates a minimal twice daily charter, to keep the route alive, at least. But of course I am not an expert on commercial air transport.

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lumumba
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by lumumba » 17 Sep 2018, 00:34

jan_olieslagers wrote:
16 Sep 2018, 19:23
And there is no surprise: there will always be custom for a good Antwerp-London service, and as long as the train has no such offer, by plane it will be. I am surprised that, pending a take-over, no-one (Carl?) operates a minimal twice daily charter, to keep the route alive, at least. But of course I am not an expert on commercial air transport.
The other question is,is Antwerp Airport viable with 2 or 3 routes and without financial aid?
Hasta la victoria siempre.

Passenger
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Passenger » 17 Sep 2018, 13:48

CTBke wrote:
16 Sep 2018, 19:19
Mr Frost wrote:
16 Sep 2018, 18:54
koninckske wrote:
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
So there are companies who are willing to take over VLM and fly again?
That's what the article says yep :-)
I don't believe this. Sure, there are people talking to the liquidators now. But nobody will make a bid that is going to be accepted by every single creditor. The debts caused by ghost routes flown with near-empty aircraft, week after week, are too high to allow a friendly take over outside of a bankruptcy.

And let's not forget the staff please (crew and ground staff). They are entitled to their outstanding salary and to a "verbrekingsvergoeding" (indemnity). In case of bankruptcy, they will get it from the Fonds Sluiting Ondernemingen. They will have to wait for it (3-5 years), but they will then get it in full. When it's no bankruptcy but a friendly take over, only a limited number of staff will get a new contract. Those who don't get a new contract will demand a full pay out (salary & indemnity) from the liquidator. If not, they go to court and claim bankruptcy - because that's their only way to get their salary & indemnity.

If an airline wants to take over VLM Antwerp, there is just one person relevant to talk to: the slot coordinator at London City. If a non-aviation company wants to take over VLM Antwerp, they should remember what Sir Richard Branson once said: If you want to be a Millionaire, start with a billion dollars and launch a new airline.

Back in 2012, VLM's liquidator, Monard Law, has published a short article about voluntary liquidation. And publisher Indicator also did it, in February 2018. Both articles make clear that the liquidator needs the agreement from every single creditor, and not from the majority of creditors:
https://www.monardlaw.be/publications/- ... /maximized
and
https://ondernemingsdatabank.indicator. ... 57/related

ironspan
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by ironspan » 17 Sep 2018, 16:26

I have no issue about people being skeptical, but do not mix things up:
—-> lumumba:
Antwerp Airport does not depend on VLM’s success or failure. Of course it has an impact, but TUI and FlyBe are much more important for the sustainability of the airport. And for sure TUI will grow further. Also, many airports receive subsidies or are in the hands of the public authorities, nothing wrong with that, so please stop singing the song of Ingrid Pira...
—-> passenger:
I very much appreciate your knowledge of the law with respect to bankruptcy or liquidation. But stating that the flights to LCY and ZRH were always empty, is not correct (Cologne or Maribor or Birmingham, yes, but not these destinations). The ANR-LCY exists now for more than 30y, has a loyal public, and load factors were quite good, despite the competition of FLyBe on the midday flight. Obviously, passengers and companies were more careful booking with VLM, given its past failures. But once a renominated carrier flies it again (like BA), I am sure they will do well again.
I think most valuable asset for any buyer is the AOC, it took VLM (and Air Belgium) more than 1 year to get the paperwork done, for British companies this would be an easy way out of Brexit.
So let’s see, I am not sure if the good news show of the liquidators is fully justified or not (although they also have their reputation to defend), but I still believe in a new operator (of course with another name and different planes).

FLYAIR10
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by FLYAIR10 » 17 Sep 2018, 18:12

Anyone interested to buy 3 fokker 50's in flyable condition? (and spare parts)

https://www.flyvlm.com/aircraft-for-sale

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luchtzak
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by luchtzak » 21 Sep 2018, 10:11

Will passengers get a refund when they booked a VLM flight, Monique Staal asked this question on our Facebook page: https://business.facebook.com/aviation2 ... 2667987083

Passenger
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Passenger » 21 Sep 2018, 11:12

luchtzak wrote:
21 Sep 2018, 10:11
Will passengers get a refund when they booked a VLM flight, Monique Staal asked this question on our Facebook page: https://business.facebook.com/aviation2 ... 2667987083
There are easier questions, like "what are tonight's Euromillions lucky draw numbers?"

Passengers refunds and EU-261/2004 indemnities are the second lowest category of creditors (the lowest category is "uitgestelde lening"). First, the "prime privileged creditors" will be paid out: the banks, the lessors and other bond holders like a certain mr Harm Prins (he owns the booking system). Then privileged creditors like the Belgian Taxman, staff and office rental. And only then, and when there is some money left, that will go pro rata to the other creditors: airports, fuel suppliers, hotels & taxis (staff), catering, handling companies, publicity agencies, passengers, ...(*)

If Monique Staal has paid her ticket by credit card, she should contact the card company and file a Chargeback Request. Her local bank can help her with that. She has to provide a proof of payment, and a proof that the service she has paid, hasn't been delivered (= the cancellation mail from VLM or their notice on flyvlm.com). Normally, this will result in a refund.

When she didn't paid the ticket by credit card, she has to contact the liquidator (vereffenaar) and present herself as creditor. I suggest she does so by sending a mail direct to the liquidator (Monard Law). Thus not via the strange online form on flyvlm.com. And then, maybe, there will be a gift for Christmas 2019. Depends on the invoices that were unknown (or kept aside) to the liquidator, and are now coming in.

Given the money thas been wasted with their flying adventures, my guess is that the ongoing liquidation will turn into a bankruptcy. Simply because in a voluntary liquidation, just one unhappy creditor can go to court and ask bankruptcy.

(*) could be I'm wrong with this list of prime privileged, privileged and normal creditors.

Mr Frost
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by Mr Frost » 23 Sep 2018, 13:22

according to flightlevel

auction starts on monday (24 september) and ends 15 october

https://flightlevel.be/58072/veiling-on ... t-maandag/

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CTBke
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Re: VLM (SHS Antwerp Aviation) news 2018

Post by CTBke » 23 Sep 2018, 14:39

https://www.troostwijkauctions.com/nl/s ... /01-27587/ , Troostwijk is organizing the auction (known from the Sabena auction)
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