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Avantair Unveils Details of "Go-forward" Plan

Heavy Set

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Have you guys seen this? Just found it on AINonline.

Wow - some big changes impacting a lot of pilots and owners (especially out West). I would agree with others that this might turn out to be a good thing for some pilots as the airlines seem to be picking up steam with hiring. Some of the proposed changes make sense - cut back on long and expensive repositioning flights out West and focus on the biggest concentration of customers (East Coast).

Good luck to all. See article below:


Avantair Unveils Details of "Go-forward" Plan
[FONT=Verdana, Arial, Helvetica, sans-serif]On Wednesday, Avantair sent out its "go-forward" plan for NewCo, the working name for a reborn Avantair, that would first seek to restructure and stabilize the business as a mostly East Coast-only fractional provider. Under the plan, the company's debts would be wiped out, though the plan does not specify how that will be accomplished. NewCo would also downsize employees to a core group and secure additional financing.[/FONT]

[FONT=Verdana, Arial, Helvetica, sans-serif]NewCo would also need to retain at least 300 of the 620 fractional shareowners. Its fleet currently at 56 airplanes would be pared to 25 aircraft. Those shareowners opting to stay with the new Avantair would have to pay a one-time assessment of $25,000 for a catch-up maintenance fund to bring the fleet to airworthy condition. Monthly management fees which also include 1/12th of owners' annual occupied time would rise by nearly 40 percent, to $15,846. The new Avantair would also need $4.5 million in funding to finance Avantair's restructuring process and permit NewCo to emerge with sufficient working capital. [/FONT]

[FONT=Verdana, Arial, Helvetica, sans-serif]In addition to this, Avanti manufacturer Piaggio Aero has pledged to provide a $1 million investment and another $1 million in credit facility on parts. If it can attract the required number of customers and the necessary financing and shed its debt, the new Avantair which will be rebranded could start operations early next month, the plan says.[/FONT]
 
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SharkRider

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Good luck with that. Doubtful that many owners are going to jump on that, and most of us pilots ain't goin back unless we are still out of work
 

XTW

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[FONT=Verdana, Arial, Helvetica, sans-serif]Those shareowners opting to stay with the new Avantair would have to pay a one-time assessment of $25,000 for a catch-up maintenance fund to bring the fleet to airworthy condition.


So, they want owners to pay on top of what they have already been paying, to do something they have been paying to have done already. Makes sense to me, I 'd be all over that!

X
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GooseHZ

getting in the way
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management never fails to amaze with their lack of morals and inability to think outside the box. How can anyone, owners or employees, read this and want to have anything to do with these people?
 

GooseHZ

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hey guys, sorry we didnt do the proper mx on our aircraft, we pushed pilots to fly illegal aircraft and by doing so we put you and your faimly lives in jeopardy. But hey!! thats in the past!!! please come back...allow us to service your travel needs!!.....all you have to do is pay 25k for all the mx we never did and 40% more!! hell of a deal!!! trust me....im in management.
 

Newkem

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Skylimocharter.com

www.climbto350.com says skylimocharter.com is hiring Avanti FO's to staff 6 open positions. Wonder where those aircraft are coming from?

Good luck all. Hoping for a good outcome.
 

CALRepublic

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This is the only way to save the company... shrink it, call it something else and hope you find someone willing to pump some money into it

we all remember Value Jet? what a freaking mess that was up until the crash in the everglades... A group pumped a lot of money into it, shrank it, called it Airtran and happy times ever since

I don't think Avantair can pull it off, but again, this is their only shot at saving the company
 
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TheBigH

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i'm sure the president and cfo's resignations speak volumes for this "plan" ... we're all just waiting to see if santo and his gang of crooks end up in jail, at the very least hoping the dept of labor sells their crap and gives us some of the money they owe us ....
 
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