Sky Europe in financial difficulties !!

Dude320 · Post by **Dude320** » 22 Aug 2005, 21:23

Dear,

According to a reliable Polish newspaper it seems to be that Sky Europe is having financial problems.

They took some loans and have difficulties to pay back, banks are getting anxious and want to see their money soon.

Banks even assume a bankrupcy could follow shortly.

To be continued.

Anybody with more news about this, or from Poland to provide an update ?

beaucaire · Post by **beaucaire** » 22 Aug 2005, 22:06

Are there other reports independant from that polish newspaper available?
How serious is your source?
I'd be interested to learn more..

LX-LGX · Post by **LX-LGX** » 22 Aug 2005, 22:31

My reliable source tells me that this very Polish newspaper itself is in extreme financial difficulties, after they've lost 37.000.000 USD in an offshore investment. Their bank therefore has withdrawn a loan for five new prepress computers, which makes it difficult for them to compete against the others. Furthermore, the journalist himself was declared bankrupt six years ago, soon after police raided one his bars were illegal immigrants to Belgium were hired. The wife of the journalist finally has been named in a major fraud case with second hand Audi 80's, stolen in Germany.

Rumours, indeed. Like the one on Sky Europe.

Dude320 · Post by **Dude320** » 22 Aug 2005, 23:22

As far as I know it was on wp.pl or interia.pl

It was in one of the short news topics, but I am not able to find it

back anymore.

Maybe they deleted it afterwards ?

Rgds

MrAirbus · Post by **MrAirbus** » 22 Aug 2005, 23:54

Didnt they make a huge Boeing order during the summer? Just wondering!

B744skipper · Post by **B744skipper** » 23 Aug 2005, 09:14

MrAirbus wrote:Didnt they make a huge Boeing order during the summer? Just wondering!

Yes, for some 12 to 20 B737-700's I think.

n5528p · Post by **n5528p** » 23 Aug 2005, 11:02

Here in Austria were a lot of newspaper articles and lots of rumours that Sky Europe may offer an IPO at the stock exchange. For some reasons, many people consider Sky Europe to be an Austrian Airline, more or less anyway....

maybe that's what they prevented them from going public, since probable investors would like to check the books?

Regards, Bernhard

MrAirbus · Post by **MrAirbus** » 23 Aug 2005, 11:32

Are they own by Autrian ore eastern europena???????

n5528p · Post by **n5528p** » 23 Aug 2005, 15:40

B744skipper wrote:
MrAirbus wrote:Didnt they make a huge Boeing order during the summer? Just wondering!
Yes, for some 12 to 20 B737-700's I think.

Actually for up to 32 (including Options).

MrAirbus wrote:Are they own by Autrian ore eastern europena?????

To be honest, I do not know and I can't find the info on their website http://www.sky-europe.com either. I think I remember they are primarily owned by banks and the senior management, although I could be wrong. But I will find out.

Regards, Bernhard

Post by **sn26567** » 23 Aug 2005, 17:27

The founder and current Chairman is Alain Skowronek, a Belgian who was earlier with CityBird.

nbvcxw · Post by **nbvcxw** » 23 Aug 2005, 17:40

This rumour looks very strange.

Sky Europe is financed by leading financial institutions such as EBRD, ABN-AMRO and Bank Austria.

There are many news about a potential IPO on a stock exchange.

One of their competitors is probably trying to jeopardise it with dirty tricks !

OO-SBZ · Post by **OO-SBZ** » 23 Aug 2005, 17:56

LX-LGX wrote:My reliable source tells me that this very Polish newspaper itself is in extreme financial difficulties, after they've lost 37.000.000 USD in an offshore investment. Their bank therefore has withdrawn a loan for five new prepress computers, which makes it difficult for them to compete against the others. Furthermore, the journalist himself was declared bankrupt six years ago, soon after police raided one his bars were illegal immigrants to Belgium were hired. The wife of the journalist finally has been named in a major fraud case with second hand Audi 80's, stolen in Germany

:thumbsup2:

LX-LGX · Post by **LX-LGX** » 23 Aug 2005, 18:30

Company profile:

SkyEurope Airlines - The Gateway to Central Europe!

SkyEurope is the leading Central European low-cost airline. With bases in Hungary, Poland and Slovakia, it is also the first multi-based airline in the region of Central Europe. SkyEurope operates a route network of 25 destinations in 14 countries from its bases in Budapest, Krakow, Warsaw and Vienna Bratislava. As a low-cost air-carrier from a low-cost country, SkyEurope is well-equipped for competition in the European market.

SkyEurope offers daily low-fare connections from London to Budapest, Krakow, Warsaw and Vienna Bratislava from £16 (€24).

SkyEurope operates a route network of 43 routes, to destinations including Manchester, Paris, Nice, Amsterdam, Dublin (from September 2005) Copenhagen, Rome, Milan, Venice, Barcelona, Athens, Stuttgart, Zurich, Prague, Split, Zadar, Dubrovnik and Košice.

The fleet of SkyEurope consists of 15 aircraft: 11 Boeing 737 and 4 Embraer 120 aircraft. The airline started operations on 13 February 2002. SkyEurope is certified according to the European Union standards JAR OPS 1 and JAR-145. The maintenance of the Boeing 737-500 fleet is performed by KLM Engineering & Maintenance.

SkyEurope Airlines is headquatered in Bratislava, Slovakia, where it operates from Bratislava Airport, distant only 50 km from Vienna. SkyEurope operates a SkyShuttle Bus between Bratislava Airport and the neighbouring city of Vienna, for only €10 one-way. In Slovakia the company uses Košice Airport in eastern Slovakia as well. In Hungary, it operates from Budapest Ferihegy 2B Airport, in Poland from Fryderyk Chopin Airport - Etiuda Terminal in Warsaw and from Balice Terminal in Krakow.

The airline is financed by an international consortium including funds of the EBRD, ABN AMRO Bank and the EIF as well as by renowned European institutional investors for which Bank Austria Creditanstalt acts as a depositary.

SkyEurope recently placed an order for up to 32 new Boeing 737-700 aircraft to be delivered between 2006 and 2009, currently the largest order in Central Europe valued at US$1.76 million at list prices. The 12 first aircraft will be financed and leased to SkyEurope by GECAS.

MrAirbus · Post by **MrAirbus** » 23 Aug 2005, 22:30

If they dont make money they wont last much longer! I dont understand how they can make money during suck expansion and in the small market like the eastern european! (not that I think any less about them) However its a interesting development!

Ruscoe · Post by **Ruscoe** » 23 Aug 2005, 22:32

Hello,
The Boeing Orders page shows an order for 4 737-700 placed in July this year.
Country of origin is given as Slovakia.
Cheers
Ruscoe

HorsePower · Post by **HorsePower** » 23 Aug 2005, 23:14

I read some time ago that they were going to introduce a part of Skyeurope on the stock exchange market to finance their last order (B737NGs). Also, they are going to phase out theirs Emb-120s. As far as I know, bankrout wasn't in the air.

Regards

Seb.

B744skipper · Post by **B744skipper** » 24 Aug 2005, 10:40

MrAirbus wrote:The small market like the eastern european!

8O Sorry, did you make a typo there? The Eastern European market is small?
Where did you get that nonsense (don't want to flame you here), but Eastern Europe is actually a large market. Even Michael O'Leary (Ryanair CEO) said last year that he would not fly to Eastern Europe, "because no one wants to fly there". But this year he admitted that this statement was wrong and that there is a large market in Eastern Europe. Just look at the traffic numbers, they have increased like crazy since they joined the EU.

About SkyEurope, Slovakia is indeed a small market, but Bratislava is only about 80 kilometers (or even less) from Vienna, and SkyEurope lures much Austrian passengers to Bratislava to fly with them. So even parts of South-Eastern Germany and of course the Eastern part of Austria can be counted within the market of SkyEurope. And Bratislava is a much more convienent airport to fly to/from, for both airlines and passengers. Because its much smaller then Vienna, passengers can get to the aircraft much quicker, and do not need to be at the airport hours before. For the airline this means there are no slot-restrictions, and handling fees are lower than at Vienna.

Do not underestimate the market that is in Eastern Europe, there is much money to be made (not only in the aviation industry)!

MrAirbus · Post by **MrAirbus** » 24 Aug 2005, 11:41

B744skipper, OK!

earthman · Post by **earthman** » 24 Aug 2005, 14:15

I would like to add this article to the discussion. There is a mention of employees of SkyEurope quietly looking for jobs elsewhere, and that the same thing was happening a few months before Air Polonia went out of business.

nbvcxw · Post by **nbvcxw** » 24 Aug 2005, 14:59

The ALL story is WRONG !

The Polish Newspaper Gazeta "Zycie Warszawy” published this morning on their front page an EXCUSE for having published "wrong information from unverified source"

The details are published on the Polish language version of www.skyeurope.com