EOS files for bankruptcy
Apr 27, 2008 | 1:37 pm
#1
Original Poster
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Apr 27, 2008 | 2:19 pm
#2
Flyertalk Posting Legend Moderator: Credit Card Programs, American Express, Capital One, Chase, Citi, Diners Club, Eco Travel, Signatures
Join Date: Jun 2003
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Some discussion here...
http://flyertalk.com/forum/showthread.php?t=817565
(Discussion in the American Express Membership Rewards section because Amex had offered EOS flights as a points redemption award, separate from the carrier's fledging frequent flyer program.)
http://flyertalk.com/forum/showthread.php?t=817565
(Discussion in the American Express Membership Rewards section because Amex had offered EOS flights as a points redemption award, separate from the carrier's fledging frequent flyer program.)
Apr 27, 2008 | 2:19 pm
#3
FlyerTalk Evangelist
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Apr 27, 2008 | 2:29 pm
#5
Join Date: May 2000
Location: Houston, TX, USA
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Since there will likely not be enough money to pay off all of the secured creditors, the likelihood of something like a miles obligation being made good is about as close to zero as you can get.
Apr 27, 2008 | 9:51 pm
#6
Join Date: Jun 2007
Location: Seattle, WA
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http://www.kccllc.net/eosairlines
I don't know how they decide who is first in line between people who paid for tickets and people who had enough points to redeem for a ticket, but it does seem likely neither will get much back...
May 1, 2008 | 3:47 am
#10
Join Date: Oct 1999
Location: Cambodia
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Posts: 193
Good to see them stop flying as well. If you're going to emit CO2 in the upper troposphere, at least carry as many people as possible (and I do understand that there is no alternative to flying in many cases).
May 1, 2008 | 4:47 am
#11
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May 1, 2008 | 8:45 am
#12
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Location: Tejas, I just can't get away from the place
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May 1, 2008 | 9:31 am
#14
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A lot more planes are leased (rather than owned) than one may think. Even for a typical "standard" commercial passenger jet, a decent amount of "customization" occurs. Things like seats, cabin layout, etc. are all done irrespective of the lease on the actual jet. The leasing companies don't care what is done as far outfitting as long as they receive payment on the lease.
Jet leasing companies actually present an interesting investment for someone who wants some exposure to the airplane manufacturing, airline, or air shipping industries but without the volatility or liabilities of an actual airline or company like Boeing. They also tend to pay extremely high dividends.
Jet leasing companies actually present an interesting investment for someone who wants some exposure to the airplane manufacturing, airline, or air shipping industries but without the volatility or liabilities of an actual airline or company like Boeing. They also tend to pay extremely high dividends.
May 1, 2008 | 4:27 pm
#15
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London Skies Grow Cloudier
Silverjet Needs Savior With Very Deep Pockets
For bankers and other executives accustomed to flying in and out of London in style, the skies have grown considerably cloudier.
Over the weekend, all-business-class Eos Airlines, which was operating premium services from London's Stansted Airport to New York's John F. Kennedy International Airport, filed for bankruptcy protection. Its collapse follows the demise a few months ago of upscale-oriented rival MAXjet Airways. Both struggled with rising fuel costs and ultimately failed to secure adequate financing.
That leaves the niche high-end market to Silverjet. The recently struggling Britain-based airline said on Wednesday that it is close to securing a $25 million investment from a United Arab Emirates-based investment fund that it declined to name. This should tide over the carrier in the short term.
But the carrier faces a tough battle to stay aloft -- with its finances in shaky condition, it hasn't been able to hedge its fuel costs. Silverjet, which runs services from Luton Airport some 30 miles outside of London to both Newark, N.J., and Dubai, failed to turn in its first operating profit in March as it had initially projected. Passenger numbers haven't been impressive, with
a load factor of 65% in March.
...
Silverjet Needs Savior With Very Deep Pockets
For bankers and other executives accustomed to flying in and out of London in style, the skies have grown considerably cloudier.
Over the weekend, all-business-class Eos Airlines, which was operating premium services from London's Stansted Airport to New York's John F. Kennedy International Airport, filed for bankruptcy protection. Its collapse follows the demise a few months ago of upscale-oriented rival MAXjet Airways. Both struggled with rising fuel costs and ultimately failed to secure adequate financing.
That leaves the niche high-end market to Silverjet. The recently struggling Britain-based airline said on Wednesday that it is close to securing a $25 million investment from a United Arab Emirates-based investment fund that it declined to name. This should tide over the carrier in the short term.
But the carrier faces a tough battle to stay aloft -- with its finances in shaky condition, it hasn't been able to hedge its fuel costs. Silverjet, which runs services from Luton Airport some 30 miles outside of London to both Newark, N.J., and Dubai, failed to turn in its first operating profit in March as it had initially projected. Passenger numbers haven't been impressive, with
a load factor of 65% in March.
...