skybus; facts and commments..lessons

[DA-20]

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Skybus owes creditors up to $100 million, bankruptcy filing shows

Monday, April 7, 2008 12:01 PM



THE COLUMBUS DISPATCH
Skybus Airlines owes its creditors as much as $100 million, according to its filing in U.S. Bankruptcy Court in the state of Delaware.
The Columbus-based airline announced Friday evening that it was going out of business effective Saturday, closing less than a year since it started flying at Port Columbus.
World Fuel Management of Chicago is listed as the largest creditor, owed $8.5 million, according to the filing, dated Saturday. Airbus North America is owed $1.9 million, the filing says.
Other major creditors include: American Express, owed $600,000; Airport Terminal Services, $300,000; SourceSpeed, $250,000; and the Columbus Regional Airport Authority, $200,000.
Skybus said in the filing that the creditor list is at least 200 names long.
The airline listed its liabilities as greater than $50 million to as much as $100 million. It pegged its assets as greater than $100 million to $500 million.

 

[CaptainSpaz]

Maybe not a scab in the traditional sense that you're thinking, but definitely scab-like.

There is no scab-like... just give it up and move on, bro.

 

[Jimmy C. Corn]

They had $160 million in star-up capital IIRC...They now owe $100 million on top of that.

How are those stock options working out, you naive, greedy snakes?

At least their "pilots" got some good water out of the deal. And some money (but not enough to live on).

Adios, MF.

 

[climbhappy]

i don't think they used all 160 mil. that money is a total pledged usually. if the company meets certain benchmarks, the venture capital firm or investment banker will make another distribution.
it was reported that they had depleted their capital reserves by a third or roughly 53 million.

they lost 16 million in Q3 of 07. figure another 10 to 15 on Q4 and in Q1 08 with cost rising, even if revenues increased, cost probably rose with it, I'd peg it at 15 to 18 million.

and to think they were worried about water.... it blows my mind... why not worry about a concept gone bad and let's change it to succeed.

 

[inline]

this coming from a guy who supports mccain! he is anti pilot as they come! suprising for a former pilot!

You think Obama's gonna be any better? He's a neo-socialist.

Yes, McCain has made life a little harder for commercial pilots, that being said, he's head and shoulders the only choice for president.

 

[Muppets]

You think Obama's gonna be any better? He's a neo-socialist.

Yes, McCain has made life a little harder for commercial pilots, that being said, he's head and shoulders the only choice for president.

wow! I dont even know where to begin when you post this comment on a pilot forum!

Sure...arsonists make life a little harder for firefighters, but hey...that being said. What a moron.

 

[Airline Driver]

This is going to take this thread off topic but I have a Question for anyone who is willing to answerer. I have seen a few comments that McCain had made life more difficult for airline pilots. What Exactly has he Done?

 

[DrewBlows]

This is going to take this thread off topic but I have a Question for anyone who is willing to answerer. I have seen a few comments that McCain had made life more difficult for airline pilots. What Exactly has he Done?

Tried to pass a bill that implemented baseball style arbitration on transportation employees. I'm to lazy to look it up, but a search should find more information.

 

[johnsonrod]

Not trying to flame here, but how marketable will Skybus pilots be in the market? Will that be a huge black mark on someone's resume for the 121 world? Where could they likely go to get hired (beyond G0Jet$)? Any thoughts?

 

[Jimmy C. Corn]

Will that be a huge black mark on someone's resume for the 121 world?

Hell yes it will. I'm not sure how many folks at a "reputable" 121 carrier will recommend a skybus "pilot."