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coolrob
Joined: 24/06/2008
Posts: 28
Message Posted:
13/05/2010 16:55 | | Join or Login to Reply | Message 1 of 26 in Discussion |
| A few weeks ago I read that K.T.H.Y. could possibly cease trading as from May 15th if they could not find investers has anyone any updates as due to fly with them next week.
Coolrob. |
burcint
Joined: 11/05/2010
Posts: 48
Message Posted:
13/05/2010 17:24 | | Join or Login to Reply | Message 3 of 26 in Discussion |
| You can book your flight without hesitation. They will operate for sure... |
cyprusishome
Joined: 31/03/2007
Posts: 2381
Message Posted:
13/05/2010 18:30 | | Join or Login to Reply | Message 4 of 26 in Discussion |
| Yesterdays CT still had that date as the final one before probably declaring bankruptcy.
Better not as I have flights booked end of June!!!!!
Only way to find out will be on 15th!!!!! |
Brinsley
Joined: 04/04/2009
Posts: 6858
Message Posted:
13/05/2010 18:41 | | Join or Login to Reply | Message 5 of 26 in Discussion |
| It will take years if not decades for any bankruptcy petition to get heard through the TRNC courts!
Richard |
Groucho
Joined: 26/04/2008
Posts: 7993
Message Posted:
13/05/2010 18:45 | | Join or Login to Reply | Message 6 of 26 in Discussion |
| Yeah but in the meantime the flights will stop.... |
Tootie
Joined: 28/08/2008
Posts: 2037
Message Posted:
13/05/2010 18:50 | | Join or Login to Reply | Message 7 of 26 in Discussion |
| I can see Turkey becoming bailout or bankruptcy administrator for CTA.
CTA owe far to much money to other Turkish companies for them to sit back and do nothing. Again!
As msg 3 says... They will operate for sure. |
Brinsley
Joined: 04/04/2009
Posts: 6858
Message Posted:
13/05/2010 18:56 | | Join or Login to Reply | Message 8 of 26 in Discussion |
| About time Turkey took over all administration of TRNC!
Richard |
wanderer
Joined: 05/02/2009
Posts: 1653
Message Posted:
13/05/2010 18:57 | | Join or Login to Reply | Message 9 of 26 in Discussion |
| KHTY is Turkish not TRNC registered company there by hangs the tail or problem in an earlier article it said that Turkey had quite strict insolvency laws
most planes are leased and not owned so where are the assets other than the staff |
Tootie
Joined: 28/08/2008
Posts: 2037
Message Posted:
13/05/2010 19:21 | | Join or Login to Reply | Message 10 of 26 in Discussion |
| wanderer correct. But the aircraft fleet are "dry leased" Meaning no maintenance, crew etc. Some are dry leased from an Irish company and dont come with a maintenance package, That is done by THY Technic in Turkey where alot of debt is owed. |
wanderer
Joined: 05/02/2009
Posts: 1653
Message Posted:
13/05/2010 19:40 | | Join or Login to Reply | Message 11 of 26 in Discussion |
| The answer is simple transfer the leases to TAin lieu of debt and take on minimum staff from KHTY that should get a complete shutdown strike with only Pegasus operating |
Tootie
Joined: 28/08/2008
Posts: 2037
Message Posted:
13/05/2010 20:03 | | Join or Login to Reply | Message 12 of 26 in Discussion |
| That should do the job.
The best option is Turkey take full control, Pay off the debt owed to THY Technic etc and offer the tender to either Pegasus or Turkish Airlines, but I dont think they can give up the dry lease aircrafts without big fines. That Turkey wont want to pay or PGT and TK.
Lets see what happens.....  |
measey
Joined: 07/02/2009
Posts: 1037
Message Posted:
13/05/2010 20:05 | | Join or Login to Reply | Message 13 of 26 in Discussion |
| Quite right think TRNC will be look after by Turkey without a doubt. |
wanderer
Joined: 05/02/2009
Posts: 1653
Message Posted:
13/05/2010 20:26 | | Join or Login to Reply | Message 14 of 26 in Discussion |
| Tootie just novate the leases to TA I bet that the Banks and leasing companies want parked up aircraft like a hole in the head
So a transfer of hire would suit all parties TA could do the old one up for Man U as their plane |
Groucho
Joined: 26/04/2008
Posts: 7993
Message Posted:
13/05/2010 21:05 | | Join or Login to Reply | Message 15 of 26 in Discussion |
| If you file for bankruptcy then you can not continue to operate, as that's trading whilst insolvent. |
Brinsley
Joined: 04/04/2009
Posts: 6858
Message Posted:
13/05/2010 21:08 | | Join or Login to Reply | Message 16 of 26 in Discussion |
| Groucho
Are you refering to a law abiding Country or a lawless one?
Richard |
Groucho
Joined: 26/04/2008
Posts: 7993
Message Posted:
13/05/2010 21:28 | | Join or Login to Reply | Message 17 of 26 in Discussion |
| It's a Turkish company... and filing for bankruptcy is taken very seriously. They won't get permission to fly from the authorities that govern international air traffic, safety and security once they have filed for bankruptcy... i.e. Their international permissions to use airspace will be removed automatically.
It's out of their hands... lawless or otherwise. |
Tenakoutou
Joined: 27/07/2009
Posts: 4110
Message Posted:
15/05/2010 18:54 | | Join or Login to Reply | Message 18 of 26 in Discussion |
| As with Cyprus Airways in the South - a simple case, fuelled by nepotism, of: 'Too many chiefs ++++++ too many indians!' |
Blackbird
Joined: 11/08/2009
Posts: 1432
Message Posted:
15/05/2010 23:32 | | Join or Login to Reply | Message 19 of 26 in Discussion |
| We all know that are far too many people working for the airline. But is it at all possible that one of them might smile. |
matula
Joined: 07/07/2008
Posts: 647
Message Posted:
16/05/2010 07:11 | | Join or Login to Reply | Message 20 of 26 in Discussion |
| The Libyan airline whose aircraft sadly crashed earlier this week had 13 aircraft and 300 staff---CTA operate 7 aircraft and have over 600 staff. And they wonder why they have problems! |
Hilltop
Joined: 28/04/2008
Posts: 636
Message Posted:
16/05/2010 07:24 | | Join or Login to Reply | Message 21 of 26 in Discussion |
| So if we halve the staff and double the number of aircraft we can have a disaster? Strange comparison!
No. I don't believe it either!! |
Groucho
Joined: 26/04/2008
Posts: 7993
Message Posted:
16/05/2010 08:05 | | Join or Login to Reply | Message 23 of 26 in Discussion |
| What is unbelievable is that they are looking for a partner to join in the losses.... where's that dinkum going to come from? Stupidistan?
I'm not holding my breath while they try and dupe somebody into thinking investing in an airline, that is miles and miles away from profitable and has no chance of reforming given the nature of the company structure, is a good idea.
If they do manage to achieve this sleight-of-hand , the investor is either crazy ape bonkers or has had a big wedge of smoke and mirrors and snake oil aimed their way... In which case the fact that the wool has been pulled over their eyes will null and void the partnership contract.
Or they could just do 'due diligence' and wake up smelling the coffee.... |
clayton
Joined: 30/11/2008
Posts: 1143
Message Posted:
16/05/2010 09:22 | | Join or Login to Reply | Message 24 of 26 in Discussion |
| thank god,were flying on wed. |
clayton
Joined: 30/11/2008
Posts: 1143
Message Posted:
16/05/2010 09:32 | | Join or Login to Reply | Message 25 of 26 in Discussion |
| catalkoykid,best news we,ve had in ages,cheers gaz. |
TopTen
Joined: 15/04/2009
Posts: 1246
Message Posted:
16/05/2010 10:23 | | Join or Login to Reply | Message 26 of 26 in Discussion |
| Totally agree with msg 8 Richard, it would end all speculation , stop all this totally onesided peace and unification talks rubbish |
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