AVIAPARTNER in financial trouble

[itami]

DE TIJD and other Flemish newspapers say that AVIAPARTNER applied for a rearrangement of its debt. The first step to a bankruptcy ?

[regi]

Bad moment to travel over Heat Throw to Brussels. Many bags don't make the connection . The bags are brought to your home by small subcontractors. ( had that experience myself , good and friendly service ) Those will not more be paid. And Aviapartner will probably abstain from delivering bags. The airlines will hide behind Aviapartner, the insurance companies will hide behind some clauses in very small written text. End result: if your luggage gets lost, go look for it yourself at Brussels airport.

[zteven]

I don't see what your luggage has to do with this?

DE TIJD is correct, but i wouldn' t call it the first
step to a bankruptcy.

Today we 'agreed' to reduce 'the cost of flexibility'.
That should help Aviapartner to survive.

Greetz



Steven

[flightlover]

Today we 'agreed' to reduce 'the cost of flexibility'.

I don't realy like the sound of that. This means that workers AGAIN have to pay (direct or indirect) for a history of mis management. It's always the same

[SN_fan]

3i probably overpaid the take over.

They paid more than what they could create from power of control (because I don't see economies of scale here). And leveraged Aviapartner to pay for the take over. So as long as there is a high growth this is not a real problem, but from the moment that there is medium setback the company will get in troubles.

According to me it's a shortsighted strategy for take overs like this and it's a gamble. Too bad it's not only with their money they are gambling but also with people.

And now they have a protocol with their workers to work more flexible etc I hope that it also includes that when there will be profits in the futures at least a part goes to the employees, maybe in holidays or extra staff or equipment, as long as it will improve the working conditions which the employees now sacrifices for the "greater" good

[744rules]

And now they have a protocol with their workers to work more flexible etc I hope that it also includes that when there will be profits in the futures at least a part goes to the employees, maybe in holidays or extra staff or equipment, as long as it will improve the working conditions which the employees now sacrifices for the "greater" good

Let's put it this way : respect for the employees is the least of their concern. what count's is €€€€€€€€€€€€€

[flightlover]

I tataly agree with you're comment SN_fan. A take-over only paid by a loan is a realy bad idea.

Ad that to a strong piece of mis management and you get what you find at AP today.

[Atlantis]

http://www.demorgen.be/dm/nl/3324/Finan ... n-in.dhtml

Off topic: I'm still wondering if the third ground handler will be a German one of Lufthansa. They will take over the ground handling of Flightcare when it comes to the fleet of Brussels Airlines.

Time will tell.

[LX-LGX]

And now they have a protocol with their workers to work more flexible etc I hope that it also includes that when there will be profits in the futures at least a part goes to the employees, maybe in holidays or extra staff or equipment, as long as it will improve the working conditions which the employees now sacrifices for the "greater" good

Let's put it this way : respect for the employees is the least of their concern. what count's is €€€€€€€€€€€€€

The Titanic Orchestra rules (twice).

[itami]

Off topic: I'm still wondering if the third ground handler will be a German one of Lufthansa. They will take over the ground handling of Flightcare when it comes to the fleet of Brussels Airlines.

That's indeed a strong rumour Atlantis ! The main purpose would be to centralize the pax and cargo handling of all Star Alliance carriers operating at BRU. Maybe we'd better continue this discussion in the existing topic The future of Brussels Airlines with Lufthansa ?

[zteven]

A take-over only paid by a loan is a realy bad idea.
Ad that to a strong piece of mis management and you get what you find at AP today.

You are almost 100% correct.

3i paid 160 000 000 EUR for Aviapartner and they took
a loan for about 150 000 000 EUR.

3i leveraged Aviapartner to pay for the take-over but that
isn't working like they hoped for.

Again the workers have to pay the price of our really BIG
mis management and it isn't over yet i'm afraid...

Greetz



Steven

[LX-LGX]

The board has found a solution :

In Dutch (De Tijd):
http://www.tijd.be/nieuws/ondernemingen ... 53-431.art

In French (L'Echo):
http://www.lecho.be/actualite/entrepris ... viapartner