Evergreen Put On Creditwatch

[Daedalus]

The 787 debacle appears to have put Evergreen into financial duress and this has caused their credit rating to be lowered.

http://www.newsregister.com/news/story.cfm?story_no=233240

 

[spitfire1500]

The 787 debacle appears to have put Evergreen into financial duress and this has caused their credit rating to be lowered.

http://www.newsregister.com/news/story.cfm?story_no=233240

Evergreen's rating fluctuates like this constantly. THe fact is the owner hides the money made in the companies below (most lose money every year), this and the fact that they just bought a space shuttle for the Evergreen Museum. DS is very good at the shell game.
Evergreen Holdings Inc.
Evergreen International Aviation Inc.
Evergreen Helicopters Inc.
Evergreen Helicopters of Alaska Inc.
Evergreen Lifeline
Evergreen Equity Inc.
EZ Enterprises Inc.
E+K Properties Inc.
American World Aviation Inc.
Condor Helicopters + Aviation Inc.
Thunderbird Helicopters Inc.
Singapore Helicopters Inc.
Evergreen Airspur Inc.
Quality Aviation Services Inc.
Boomer Air Inc.
Ventures Holdings Inc.
Ventures Acquisition Company Inc.
Evergreen Race Team Inc.
Aero Exhibits Corp
King Christian Inc.
Winners Inc.
The Capt Michael King Smith Evergreen Aviation Education Center
Helicopter Services Inc.
Premier Ground Services LLC.
Evergreen Special Purpose Corp III
Evergreen Vintage Aircraft Inc.
Evergreen Green Patch

Boeing pays Evergeen only to crew 2 Dreamlifters for the 787 and I am sure they get paid by Boeing whether they fly or not.

 

[Rick1128]

Evergreen's rating fluctuates like this constantly. THe fact is the owner hides the money made in the companies below (most lose money every year), this and the fact that they just bought a space shuttle for the Evergreen Museum. DS is very good at the shell game.
Evergreen Holdings Inc.
Evergreen International Aviation Inc.
Evergreen Helicopters Inc.
Evergreen Helicopters of Alaska Inc.
Evergreen Lifeline
Evergreen Equity Inc.
EZ Enterprises Inc.
E+K Properties Inc.
American World Aviation Inc.
Condor Helicopters + Aviation Inc.
Thunderbird Helicopters Inc.
Singapore Helicopters Inc.
Evergreen Airspur Inc.
Quality Aviation Services Inc.
Boomer Air Inc.
Ventures Holdings Inc.
Ventures Acquisition Company Inc.
Evergreen Race Team Inc.
Aero Exhibits Corp
King Christian Inc.
Winners Inc.
The Capt Michael King Smith Evergreen Aviation Education Center
Helicopter Services Inc.
Premier Ground Services LLC.
Evergreen Special Purpose Corp III
Evergreen Vintage Aircraft Inc.
Evergreen Green Patch

Boeing pays Evergeen only to crew 2 Dreamlifters for the 787 and I am sure they get paid by Boeing whether they fly or not.

Think you might have missed a couple. Evergreen Helicopters International, Inc and Evergreen EAGLE.

 

[Nevergreen]

Evergreen Airline President Brian Bauer is blaming the credit downgrade on "the subprime crisis".

Maybe if Dell didn't borrow against every asset and keep re-financing everything every time there is a little equity; we wouldn't be in this mess!

Dell has no one to blame but himself. His unadulterated GREED will lead to the destruction of this airline.

 

[propsarebest]

The airline and the helicopter division- the one with all the secret squirrel stuff in panama and Afghanistan are the ONLY parts of this company that make any money.

 

[Nevergreen]

Unfortunately, the entire company has BAD management. My years at EZ have taught me that Bauer and Wahlberg can ruin any and every new commercial contract, and permanetly drive away every good customer.

It amazes me that the military has put up with us for so long. This could be such a great company, but senior management is incompetent.

The latest threats from senior manangement are to cancel the Jade Contract and park more planes. Of course, that means more furloughs and downgrades!

As I have said before, stay away from Evergreen. The future is very murky here, and anyone joining now is likely to be furloughed very quickly.

 

[propsarebest]

5 new hires in the next class!!!!

 

[Zoneload]

If there is a new class...I don't think Bauer and the gang want to do this Jade thing and if they can blame the pilots for not doing it then it is better for them. Some sales guy got them into this and now they are trying to get out of it. He is not going to park anymore planes they still have bills to pay....It is time for change up there and I hope it comes soon..

 

[Motorradfahrer]

If there is a new class...I don't think Bauer and the gang want to do this Jade thing and if they can blame the pilots for not doing it then it is better for them. Some sales guy got them into this and now they are trying to get out of it. He is not going to park anymore planes they still have bills to pay....It is time for change up there and I hope it comes soon..

As has been said a million times before, we both know that the only time that change will come to EZ is when the old man is 6 feet under. The people running the place, especially Brian "Tongue in Del's ass" Bauer, are such a pack of idiots, I honestly am suprised they are still in business. Its too bad with such a great group of employees that they cant get their house in order and run EZ like a real company. Only change at the top :uzi:will bring the changes necessary to keep EZ alive. Best of luck guys

 

[tubineotter]

here we are 2 years later on this post and our credit was just downgraded to CCC? still in biz thou

 

[Arkady]

Just out of curiosity, how old is Del now?

I think he was about as old as Moses when I was there. Or was it Noah? No? Methuselah? Yeah, that's it. Anyway, some folks just don't like to retire & go fishing I guess.

 

[ABUSED PILOT]

Some say del is 74, up to 79 who knows. Evergreen is not a bad place to work if you need a job. It's one of those things if you get on now, it could be a 2 weeks or 20 years before you get let go. I think this is the 5th time with the credit watch. I have been down this road with the spend money on anything but airplanes, crews, and airline and blame it on someone else. I think Smith has lost his mind.

 

[Nevergreen]

here we are 2 years later on this post and our credit was just downgraded to CCC? still in biz thou

I just looked up what CCC means and it is listed as:

"High likelihood of bankruptcy or other business interruption"

and "In default with little prospect for recovery"

Couple this with the loss of the LCF Contract and I think EIA management has finally sunk this company for good; even though our largest client (AMC) pays a ridiculous rate and the money is on time.

Well I hope Del enjoys his useless firebomber, musuems, Imax, and waterpark because pretty soon he won't have an airline!

 

[Zoneload]

Well the 400's are coming so don't count us out just yet.

 

[Nevergreen]

About those 400's..........We have been told by Buzz and Harpo that those 400's have been coming for over 13 months now.

Based upon senior management's lack of ability and propensity to exagerate; I will believe it when I see it. I used to believe they were coming; I have even seen pictures and specs for the Singapore a/c, but our management could not even keep a contract they already had, I have no faith that they will be able to arrange financing in these difficult times and with a CCC credit rating.

Afterall, according to Buzz the first A.F. BCF was promised to join the fleet in Feb 2009. I heard that from Buzz directly. Never came. Then it was promised by Harpo in July, then Aug, then Sept. No BCF. Then Buzz again in Oct. Then Harpo stated Dec, but it didn't come. They have absolutely no creditability left with the flightcrews.

The only manager up there that I trust at the moment is Mario.

I hope for all our sakes that I am completely wrong.

 

[propsarebest]

The first -400 IS coming. It will be in JFK on April 2nd, give or take a couple of days. It will be N491EV...

 

[Zoneload]

Have they ever had any creditability with the flight crews. I think from looking at things that there will be a 400F here at some point..

 

[Nevergreen]

Have they ever had any creditability with the flight crews. I think from looking at things that there will be a 400F here at some point..

Threre was brief period of time a few years ago; when that guy up in Mickeyville with the funny cartoon name and and funny British accent had a little bit of credibility.

But then he drank the poisoned green punch and became just like the rest of senior management.

They have been promising us 400F's for over 2 years! Look back at just the posts on this board. I just did. That is how long we have been talking about it.

With the loss of the LCF, EZ management destroyed the last shred of respect I had for anyone at the top. Previously, I could disagree and dislike them, but I stilll had a minimum of respect for some of them.

However, with the loss of the LCF, the letter Bauer put out, the business class travel debacle, the failure to secure any 400's in 2 years +, the fact that they care more about building an Imax, Space Musuem, water park and motel than they care about running an airline has lead me to lose all respect for them. What's next? They buy a used big top tent and open the Evergreen Traveling Circus?

And the Chief Pilot is right about one thing. If we get a 400F, it will require a high number of crews to operate because they will have to commercial 3-4 crews ahead of the aircraft just to keep it manned as it went around the system. Even with 2-3 aircraft they will have the same problem.

And if we get 400Fs they will just retire the older 200's. There won't be any growth, and we will lose about half our FEs. Most of them are really nice guys, I feel bad for them and their families.

Not much to be optimistic about here at Evergreen. Until 2 weeks ago I thought we were going to have a good year. Now I will feel lucky just to have a job one year from now.

 

[Zoneload]

Lets see 20 plus years here now and we have been going out of business for most of the 20 years.

The older pratt powered -200 have to go at some point and the only thing to replace them with is -400's. So the FE's who I happen to like are at some point going to be out of work.I know it has been 2 + years waiting for the -400's but it was also 3 years waiting for the GE powered planes to show up.

So I guess we will see if N491EV shows up in JFK in April...I hope it does.

 

[sgu]

EIA for sale?

Boeing drops Oregon operator for its Dreamlifter fleet
Boeing is turning over operation of its four Dreamlifter super-freighters to New York-based Atlas Air, dealing a blow to Oregon-based Evergreen International.

By Dominic Gates
Seattle Times aerospace reporter
Boeing is transferring the contract to operate its four Dreamlifter super-freighters from Oregon-based Evergreen International to New York-based Atlas Air.

The switch brings some risk of disrupting 787 transport logistics, which Evergreen says it has run smoothly since the first Dreamlifter flew in 2006.

The planes are used 747s in which the upper fuselage was replaced by a bulbous crown so that large sections of the 787 can be ferried around the globe for assembly.

In 2005, Boeing selected Evergreen for a five-year contract to provide flight crews and maintenance for the Dreamlifters. Atlas will take over the operation in September under a nine-year contract.

Atlas will have to train fresh pilots on the Dreamlifter's flight characteristics and bring ground and maintenance crews up to speed on its unique configuration.

Boeing did not respond to questions on the switch by press time.

One factor may be Atlas' pending order for 12 new 747-8 cargo planes.

Because of a severe contraction in the air-cargo market over the last couple of years, Boeing has been negotiating intensely with the initial customers, including Atlas, to reschedule 747-8 deliveries.

The contract loss came as an unexpected blow to Evergreen, which employs about 75 pilots, mechanics and ground crew directly operating the Dreamlifters. An additional 200 work in support positions on the program, about half of those at a maintenance base in Arizona and the other half at headquarters in McMinnville, Ore.

Tim Wahlberg, chairman of holding company Evergreen International Aviation, said Evergreen was never given the chance to bid for renewing the contract.

"We're very disappointed," said Wahlberg. "We ran a perfect operation. We're very price competitive. We believe (the switch) was unrelated to our operation."

Evergreen operates a fleet of 747 cargo jets and heavy-lift helicopters, as well as a 747 aerial firefighting "supertanker." The privately held company flies supplies for the U.S. military into Afghanistan and Iraq and to bases around the world.

The contract loss is badly timed for Evergreen, which is trying to raise money to pare debt by putting up for sale its airline and aircraft-maintenance businesses, a person familiar with the offering said.

Dominic Gates: 206-464-2963 or [email protected]