warakorn

Can we please stop this "in the U.S. everything is better" talk.
Other countries also have protections in place - some of them maybe even better in the U.S.
I have heard that in the U.S. it is almost impossible to sue an airline.
Have a look over to Europe and you notice the many won lawsuits regarding EC261/2004 cases.

oliver2002

Can someone with a knowledge of Greek translate this:

http://www.tovima.gr/society/article/?aid=612978

It seems there is some movement in the IATA matter.

PilgrimsProgress

Google translate is not perfect but gives you an idea:

Rapid developments recorded in Airfasttickets. On Friday afternoon, during the hearing of the application for interim measures lodged by the electronic travel agents against the company on charges of unfair competition, Counsel acknowledged that selling below cost and committed to justice not to repeat the specific commercial practice.

According to legal circles, the Airfasttickets pledged to desist from any illegal ticket sales, and even asked the court to retain the temporary decision had vindicated electronic agents a few days ago. Justice is expected to rule definitively on the case Monday.

This followed a thriller, which attracted the interest of the international aviation community, as Airfasttickets not paid to the International Air Transport Association (IATA) receipts for ticket sales in the first fortnight of June, worth 11 million euros in Greek payment system ( BSP), completing the largest payment default in the tourism history of Greece, worth over 45 million euros. According to IATA message sent Friday and secured "To Vima", the regime Airfasttickets entered into default, as no amount paid EUR 11.1 million to IATA, which " will require immediate settlement amounts " . The term default «translates" to ban ticket sales and loss of accreditation by IATA due default, so Airfasttickets and continues its activities and the sale of tickets through other agents.

Preceded other notice IATA Thursday, when informed that the company had not paid its payout ratio in Greek BSP entered into arrangements «irregularity», having as repayment deadline Friday. Besides, there had been a payment default BSP in the United Kingdom and Germany, which led IATA to put the company in default status in these markets.

Longer payable and arrears of Airfasttickets, worth over 45 million euros. According to reports, the Airfasttickets requested a hearing by IATA, which will take place on 8 July in Madrid. Indeed, the company requested the presence of an independent arbitrator, who will be consulted, although if there is disagreement between the Airfasttickets and IATA. According to the rules of IATA, the opinion shall be final and binding and will be implemented by both parties.

The aim of IATA is to provide a timetable for payment of debts, as well as throughout the aviation community in Europe is alarmed. If things do not grow well, IATA and the airlines will turn against legal Airfasttickets.

The company, which earlier statement was made that it aims to negotiate with IATA the letters of guarantee, which should, by regulation of the international organization, to adapt to the ever-growing volume of Airfasttickets.

Already in the UK for a few days and sold tickets on flights to and from the United Kingdom via Airfasttickets.co.uk. The company announced that for reasons of competitiveness would use so-called consolidators, ie major agencies that aggregate demand to buy tickets.

According to documents secured "To Vima", in June 2014, a few days before you come default IATA the UK market, ceased to be registered as directors Airfasttickets Limited Mr Spyridon Maragoudakis and Ronny Yeatman , while director appointed the Greek citizen, born in 1946, Mr. Dimitrios Kokloni . Although not clear about, this is the name of the father in his statement founder Airfasttickets Mr Nikos Kokloni .

In June 2012, 200,000 shares owned by Mr. N. Kokloni, but in October 2103 the shares were transferred to the American airfasttickets inc.

Also in the financial statements disclosed that " the company Fast Group AE indirect and direct subsidiary of Airfasttickets Inc. based in New York. " But for the American company collecting data is not easy. According to market sources, the Airfasttickets Inc. serves payments in U.S. clearing airline tickets, ARC.

However, according to the prevailing view of the tourism market, is likely IATA occasion this case to ask for the settlement period in Greece in one week, causing shock agencies.

The balance sheet loss of EUR 7.5 million

in the Internet is suspended the balance of 2013 the company (Fast Group AE). Asked by "To Vima" to check for the validity of the balance sheet, audit firm BDO, which states that the check has not commented.

According to those reports, turnover almost doubled to 14 million euros (instead of 7.9 million in the prior year) and gross profit reached 2.1 million.

However, before taxes, interest and compensation income was a loss of 7.5 million, while the net loss for the period amounted to EUR 7 million. Total equity was negative and amounted to -3.5 million, while current liabilities approximated 20 million.

livious

I am curious to know at what point IATA will choose to comment on what is going on, mainly as I would not trust anything coming from AFT at this point. It would come as a minor relief to know how tickets booked in May/June will be handled.

Mora

Interesting to see that we now got an AFT rep here - welcome to flyertalk!

Regarding the trustworthyness of AFT I can only comment from personal very mixed experiences.

I have booked a flight with AFT in April that went through fine and the fare was below all competitor offers. Trip was taken without any problems at all.

Based on that positive experience I booked two further tickets in early May that got cancelled a few hours later by AFT. I yet have to receive a refund for the amount charged for these flights.

Contacting AFT via PM on Facebook has lead to nothing but a first standard answer that they will look into the case and forward it to the necessary department which would get back to me - never happend. I contacted AFT a few days later again via PM on Facebook and got told my refund was beeing processed - that was nearly a month ago and I still haven't received a penny back. Based on the recent IATA events I assume I'm next in line after the xx Million that are outstanding Would I recommend a company that cancels tickets without any explanation - not sure - but at least the cancellation came in only hours after the initial booking and I've had that happen with other OTAs as well. Would I recommend a company that needs more than 2 month to issue a refund (assuming I will ever get my money back) - definitely not.

Based on facebook comments and twitters I'm not a one time exception so I would greatly appreciate any comment from our new AFT rep on the issue of outstanding refunds and why it takes so long to process them.

AirFastTicketsUK

Goodmorning Mora,

This is Jeremy at AirFastTickets. Sorry for my late reply. I'll admit that that is exactly not the type of experience we would like you to remember of us, not least of all the customer service aspect of it - as if the financial loss wasn't enough. Since you've had hold ups on the Facebook channel, I would like to ask you to email me personally so I can look into where things have gone awry. I've sent you a private message here (as this is a public forum) with how you can contact me directly. I will look into this for you.

I look forward to your email.
Jeremy

AirFastTickets.co.uk

Mora

Thank you very much for your quick offer to help Jeremy - I forwarded you the details and hope that we can sort out the issue. I will keep everybody updated.

AirFastTicketsUK

Mora,

I've just seen the message. Looking forward to your mail.

Jeremy

oliver2002

It seems there is some movement:
http://www.travelweekly.co.uk/Articl...sttickets.html

livious

Still not sure what the problem is, particularly if AFT is planning on dropping IATA and switching to consolidators. I can see that there is some discussion needed on the guarantee if they were to continue using IATA, but this does not seem to be the case. Does it really take 1 week to agree to a repayment plan (assuming that they do in fact, as claimed, have the cash)? I can only forsee that they are discussing how the bankruptcy will work and (hopefully) how the IATA guarantees can/ will be used to cover the tickets issued after May 1.

Maayan

Jeremy do you have an update for us? Looks like the website has been redesigned, but major airlines like UA are still noticeably absent from search results. And no evidence on Facebook that clients have been refunded for cancelled tix, so I still dare not book anything with you.

AirFastTicketsUK

Maayan,

Currently I do not have any information to give out, at the moment. We will post updates as soon as possible regarding this and other issues. As for your other concerns: you may still book with us online as normal, though some options are currently unavailable. This is a temporary situation. As per your concerns regarding cancellations and refunds - all refunds which have fallen within the limits of the terms and conditions are being processed and dealt with on an individual basis.

More to come, and sorry for the delay in updates.

All the best,

Jeremy

Jaimito Cartero

I have a flight and some hotels that were booked in April and May, for travel in 2015. I know the European airline trips were fine if bought before May, but have no idea on the US site, and how hotel purchases will be treated.

oliver2002

IATA has put AFT into default, but the European AFT sites used BSP, whereas AFT US went via ARC. I seriously doubt airlines will proactively cancel tickets issued by AFT, after all they use (and probably pay for) clearing systems like BSP and ARC to ensure that they get their money for operating flights. @:-)

livious

Oliver, you understand the system better that I do. Does this mean tickets booked in May/early June are safe (i.e. guaranteed by IATA)? My fear is if the airlines would suspend the tickets as opposed to cancelling them, especially as the default must be larger than the bank guarantee.

My tickets are to RGN, which would require a visa. I don't want to start that process until I know things are safe. Guess it will take some time for the dust to settle, but any information would be helpful.

Btw, did you have a link for the default? Haven't seen anything yet.