Gemini ... so, what happened?

[dc10maniac]

So, what happened with Gemini?
Still have the MD-11's?
Are they going to change the old DC-10's they have?
Are they going to hire this year?

 

[dojetdriver]

Think "search"

 

[dc10maniac]

I searched but still, I just wanted to get an inside intel.

 

[fogrunner]

Quote:

I do have some questions about Gemini. If you were profitable last year, why are you now in CH 11? Isn't it a little early in the year? It's gotta be bad for your credit with fuel vendors, etc. Do you think Gemini is better or worse off without Stockbridge?

Our debt was killing us.

Quote:

John Bolduc, Managing Director of Bayside Capital, commented, "We are pleased to have participated with Gemini in restructuring the balance sheet of this strong company. We look forward to becoming its majority owner and supporting the growth of the business."

No furloughs, no paycuts, business as usual. No 1113c. Contract negotiations going forward.

Quote:
Dulles, VA – March 15, 2006 -- Gemini Air Cargo, Inc. (“Gemini” or the “Company”) announced that it has successfully completed its negotiations to restructure all of its senior secured debt with nearly 95% of its lenders, including affiliates of Bayside Capital, Inc. (“Bayside”). To implement the restructuring, Gemini has filed a pre-negotiated, voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Florida. The highlights of these filings include: i) a fully committed Debtor-in-Possession (“DIP”) financing; ii) a detailed plan of reorganization which significantly reduces the outstanding indebtedness on Gemini’s balance sheet, and iii) agreements with Gemini’s majority equity holders and 93.4% of its secured lenders to vote in favor of this plan of reorganization.

What we are being told is, we should exit CH 11 in 60-90 days.

Quote:

Unlike many recent U.S. airline bankruptcies, we have negotiated both the interim financing to provide the necessary liquidity to work quickly through the Chapter 11 process and we have secured the financing necessary to emerge from bankruptcy as a stronger, healthier airline. This financing commitment will allow us to minimize the time spent in Chapter 11, and complete the process by this summer.

I spoke with a friend in Dulles. He said do not be surprised to see new-hires by the third qtr.

 

[fogrunner]

Heard some interesting stuff yesterday about upgrades, hiring and replacements for the 10.

We shall see.

Yes we still have 11s.........

We were officially told today of a new contract flying for SAA with an MD11.

 

[metrodriver]

Fogrunner, I think you are a little bit fast with divulging company info to the whole wide world. Some customers might not like it, management might not like it. We already get so little info, with this kind of postings soon we will get no info out of Dulles. Amazingly I had to read the SAA contract info here before I could read it on the company website.
Same with the ch11 stuff: the more people know about it, the more it can hurt us. Get ready to use your amex everytime you check into a hotel, stuff like that.
About upgrades and -10 replacement: seems like you're close to the fire. The smoke signals haven't reached the neck of the woods yet where I'm on a company vacation. how about a pm with some of that stuff. Good way for us to kill some time

 

[fogrunner]

Originally Posted by metrodriver
Amazingly I had to read the xxx contract info here before I could read it on the company website.

I don't post anything that would be considered propriety. Everything I have posted here has been announced, officially. Is it not fantastic that we have picked-up a long term contract. This shows that there are company's out there that believe Gemini is going to be around. Unlike some of the folks on this board.

Quote:
Same with the ch11 stuff: the more people know about it, the more it can hurt us.

Everything I have posted here on this subject is in the public domain. It has to be due to BK laws. In fact it helps us during our negotiations with the company because more information is made public. This was not the case prior to the BK.

Quote:

About upgrades and -10 replacement: seems like you're close to the fire. The smoke signals haven't reached the neck of the woods yet where I'm on a company vacation.

This is just scuttle but on the line. We have been hearing of additional airframes for years.

Quote:

seems like you're close to the fire

you give me too much credit............


People have accused me of being too positive when it comes to Gemini. There are quite a few people on this board who would like to work here. They look for information. There are some, who seem to take pleasure in other peoples misfortune or strife.
I get fed up when I see some of the absolute bovine excrement which is expressed on this board. I try to counter some of the misinformation, lies and BS that is thrown around, ie:

Quote:
Originally Posted by cargoflyr69
I thought that the parent company that owns Gemini also owns Bayside Capital (among others).

Quote:
Originally Posted by Classicdriver
According to the military folks I deal with, they use you sparingly. They don't like the confiruaration of the pallets and you sometimes just don't show up, never giving them a heads up.

Quote:

Originally Posted by RJDC
I heard that UPS is looking to buy 4 MD-11's that are currently operated by a single anonymous operator in financial trouble. Any idea who that could be?

A while ago we had a thread about furloughs at Gemini. It was actually started by a Gemini crew member. What about the FedEx rumors or UPS.
Some of the stuff, no, alot of the stuff on this board is rubbish. I just try to counter the absurd and rediculous. I am sure this thread will turn into the usual, 'my willy is bigger than your willy".

 

[kevdog]

Excuse my ignorance, but what/who is SAA?

 

[Buddha-Head]

Soon to fly to Johannesburg, no plans to get rid of the 10's. Looks like a new hire class soon.

 

[big_al]

what are their proposed routes?