Champion shutting down / being sold

[A-Track]

I heard a rumor today that Champion might be shutting down, or might be up for sale. Anybody else hear anything?

 

[JJET44]

Yeah,
I heard that Global Aero Logistics is in the process of buying them.

 

[ATADave]

Interesting.

Source please?

Can any Champion guys confirm/deny this?

 

[mynameisjim]

Yeah,
I heard that Global Aero Logistics is in the process of buying them.

Just to save others some Googling, Global Aero Logistics owns ATA, World, and North American.

 

[Thug Life]

Interesting.

Source please?

Can any Champion guys confirm/deny this?

First I heard

 

[A-Track]

Interesting.

Source please?

Can any Champion guys confirm/deny this?

I work with some ex. champion guys that are in touch with current champion employees.

 

[Workin'Stiff]

Well, I'm all done with Champion at the end of the month, but partly yes, partly no.

The CEO confirmed that they are looking for investors. Good luck finding investors with a completely disgruntled pilot group and 1970's era aircraft.

In addition, MLT vacations informed Champion several months ago that 2008 will be our last year of flying for them. Big problem as MLT is about 80-85% of our flying. The bases will close in the following order (close with regards to MLT flying. Actual base operation is still up in the air)

Beginning early 2008 (supposedly):

DEN (operated as an F/A base only)
STL
MSP
OKC (operated as an F/A base only)
DFW

And as everyone knows, DTW is closed effective Oct. 1.

Champion will still operate this NBA season. However, I'm hearing that this is our last. And as an incentive to keep people here, management decided to provide a 401k match of 50% up to 6% for 2008. Wooo hooo... Too bad they are about 10 years late on that one...

Needless to say, I'm glad that I've found greener pastures.

 

[GOULET!]

Interesting. I always wondered about Champion. Thought they would have been sold a long time ago with all the downturn in the industry but they kept on chugging. Being bought out may not be a bad thing in the future. Good luck to you guys.

 

[Thedude]

Thought they would have been sold a long time ago with all the downturn in the industry but they kept on chugging.

That the thing about the supplementals, they do well when the majors are in the toilet or when ticket prices start becoming high.

MG is following what I predicted about 2 yrs ago, no surprise here. Just another NWA pawn

Now I am wondering how they will actually fly the heavy portion of the sked in Jan & Feb while guys are bailing for other jobs. I see them spending tons of cash, again, to outsource the flying.

 

[Workin'Stiff]

Now I am wondering how they will actually fly the heavy portion of the sked in Jan & Feb while guys are bailing for other jobs. I see them spending tons of cash, again, to outsource the flying.

Yup... That's exactly whats going to happen... Pilots were already bailing out of here at record numbers. And now that word is going around that we're losing flying left and right, they are going to have no shot at all at attracting new pilots.

So management's idea of the 401k match to stem the flow should be the magic key in their eyes. Unfortunately, it's a band aid on a full body hemorrhage.