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.