T.C shuts part of Skyward down

mooseport · Post by **mooseport** » Wed Mar 16, 2005 5:34 pm

Well this has to be one of the longest threads I've ever seen
Also one that has gone a bit off tangent at times.

Latest I heard was that Skyward is still not going- the flight department seems to be back together, but the maintenace or rather a servicable plane still is not. Seems odd that some 6 or seven weeks after shutdown there is not a plane that can go.??

How long can they hang on? I've heard of more people jumping off the boat. If its not going soon.....hazard a guess its done.

ei ei owe · Post by **ei ei owe** » Wed Mar 16, 2005 7:41 pm

hey moose,
not that I'm the most seasoned, but after 5 posts, how many threads have you seen?

North Shore · Post by **North Shore** » Wed Mar 16, 2005 7:58 pm

Edited. Perhaps I said something that I shouldn't have at this time.

Corporate Pilot · Post by **Corporate Pilot** » Wed Mar 16, 2005 8:09 pm

mooseport wrote:Seems odd that some 6 or seven weeks after shutdown there is not a plane that can go.??

Well unless they contract the maintenance to someone else, how would that happen??!!

They lost their AMO and can't turn a wrench until they get their paperwork back on the wall!

North Shore wrote:Heard now that the CP is leaving for greener pastures

Well that could be the show right there. I heard he was the last credible person there, at least so far as the ex-employees have said!

200 hrs · Post by **200 hrs** » Wed Mar 16, 2005 8:50 pm

Chantal,

I really think you need help. I'm pretty sure Skyward's King Air flew at least 100hrs last month. And Jetsgo bought 747-400's to fly to Regina from Saskatoon. You really don't know anything, and would prove yourself more useful if you kept your mouth shut.

Take Care

Disco Stu · Post by **Disco Stu** » Wed Mar 16, 2005 9:00 pm

Chantal wrote:Disco Stu - what happens to the plane that had the engine failure this week (you know the one i mean?)

Skyward was flying last month, think it was the King Air

Your posts keep getting better and better.

What happens to the plane? It gets fixed and keeps flying.

Thanks for the concern.

Keep up the entertaining posts.

170 to xray · Post by **170 to xray** » Thu Mar 17, 2005 7:41 am

Noth Shore
You sure CP has left? He was doing some contract work just about the time this all happened. Maybe he's doing more, or someone got their stories confused. For Skyward's sake I hope they still have him!

Disco Stu · Post by **Disco Stu** » Thu Mar 17, 2005 10:26 am

Has GM left? If so that would be a huge blow to Skyward.

Can anyone confirm or deny this?

Canus Chinookus · Post by **Canus Chinookus** » Thu Mar 17, 2005 10:31 am

I'm sorry, but if Skyward's OC still hasn't been reinstated by now, there had to be some serious shit going on. I'm not talking a few fudged logbooks, I'm thinking something far more serious was going on.

Corporate Pilot · Post by **Corporate Pilot** » Thu Mar 17, 2005 11:20 am

DAY 45

Pilot, pilot, who's got the chief pilot?

North Shore · Post by **North Shore** » Thu Mar 17, 2005 12:06 pm

Edited.

Kandi · Post by **Kandi** » Thu Mar 17, 2005 3:15 pm

TROWL · Post by **TROWL** » Thu Mar 17, 2005 3:35 pm

Skyward aviation's slogan on their website is "Simplifying your travel experience". Yep. Can't get much more simple than "not flying".

co-joe · Post by **co-joe** » Thu Mar 17, 2005 6:35 pm

ei ei owe wrote:hey moose,
not that I'm the most seasoned, but after 5 posts, how many threads have you seen?

This is the longest thread I've ever seen. Anything new happening yet?

Corporate Pilot · Post by **Corporate Pilot** » Fri Mar 18, 2005 1:23 pm

DAY 46

And no end in sight.

Being a Friday nothing could happen before Monday which will be DAY 49, the beginning of the EIGHTH WEEK of shutdown. Talk about being behind the power curve ....

ei ei owe · Post by **ei ei owe** » Fri Mar 18, 2005 6:08 pm

Just to touch on the subject of where the company is getting money from again. It was discussed earlier that some medevac money was still coming in (most likely). But the argument stopped when it was brought up how those monies were already spent. I don't really see that. They've chopped their labour by 95%, everyone's on EI so that's no cost to Skyward and the planes aren't flying. So sure the maintenance costs are big but at least now with CCAA the company can concentrate on getting flying. You'd figure the courts saw promise in the company to give them CCAA so maybe there's more to behind closed doors. I think they'll be back on day.......56. According to corporate pilot's count, that should be a week next Monday. Sounds like senior management sh*t in TC's pool and now they're paying for it.

Corporate Pilot · Post by **Corporate Pilot** » Sat Mar 19, 2005 10:50 am

DAY 47

Not a creature was stirring ...

insaininDbrain · Post by **insaininDbrain** » Sat Mar 19, 2005 3:35 pm

so why did you erase all your posts Kandi??? HA HA did you get your pee pee slapped !!! have you ever heard the expression don't poke the bear

MaxPower · Post by **MaxPower** » Sat Mar 19, 2005 5:02 pm

LOL too funny

V1CUT · Post by **V1CUT** » Sat Mar 19, 2005 5:17 pm

coming from a "noob" who shouldn't enter a spelling bee

Jr.wrench · Post by **Jr.wrench** » Sat Mar 19, 2005 7:48 pm

back to the thread, was there any movement at skyward today?? the 1900's were parked out by the sched terminal today. so is there light at the end of the tunnel?? are we going to see them in the air on monday??
good luck guy's, hang in there!!

stockfootage · Post by **stockfootage** » Sun Mar 20, 2005 12:48 am

Jr.wrench
...was there any movement at skyward today?? the 1900's were parked out by the sched terminal today. so is there light at the end of the tunnel?? ....

LOFingL

Corporate Pilot · Post by **Corporate Pilot** » Sun Mar 20, 2005 2:11 am

DAY 48

... not even a mouse!

Corporate Pilot · Post by **Corporate Pilot** » Sun Mar 20, 2005 9:37 am

I've been thinking about this Companies’ Creditors Arrangement Act (the “CCAA”) protection that Skyward has received.

I believe that the CCAA gives them 30 days reprieve from creditor actions and to make a proposal to the Court which the Court and the creditors must approve. This proposal must indicate how the company is going to operate and generate cash flow, how it is going to extricate itself from debt, etc. (If they can't optain approval, its an immediate windup!)

This is the same protection Act that Air Canada used BUT ...

Air Canada never stopped operating!! It had its cash flow reduced but NEVER eliminated. It "streamlined" but never laid off ALL of its employees. AC's business was never taken over by its competitors while it contemplated its navel. Skyward has been without employees for about two months. Its "business" has obviously been absorbed by the green machine and others.

Air Canada never lost its Operating Certificate. Air Canada never lost its AMO status. Air Canada's planes were never grounded for airworthiness issues.

Skyward's situation is much closer to JetsGo, except JG sought protection IMMEDIATELY that its cash flow terminated and even they admit its probably a liquidation situation.

Skyward waited for about a month of non-operation before seeking protection. While under protection for the last couple of weeks since, it has still been unable to get its OC and AMO reinstated. They have only incurred another two weeks of mounting debt: their rents, insurance, utilities, realty taxes, loan and lease payments and interest continue to pile up, unpaid. Key employees are either being eliminated through TC-induced pressure or are simply wandering away.

Probably nothing will change over the next two weeks - how can it?

Without a Court and creditor approved business plan, WHO is going to pony up the cash to begin to operate? Nobody. And even if they get their plan approved, its highly unlikely that existing creditors and going to go deeper into the red to "on a wing and a prayer"! Only CASH will do.

Skyward's recovery is going to be dependent on new CASH, whether from sale of assets or from a "new" backer, to cover its immediate operating expenses. They are no longer an interesting takeover target ... as others pointed out, they have no O/C, no AMO, no STAFF and possibly FEW operational aircraft. The fleeting matter of customer confidence is gone. Virtually no one will buy a sinking ship when they can wait a few more days and buy salvage for pennies on the dollar with no liability attached. They can then start with a clean slate.

Unless GP & Co. has cards he isn't showing, I believe nothing is left except a Court supervised windup. There may be a faint echo of the company operating a couple of smaller aircraft out of YTH, but it will never again be what it tried to be.

One pilot's sober reflection.

centerstored · Post by **centerstored** » Sun Mar 20, 2005 2:09 pm

I don't think that skyward will be able to sell assets under creditor protection. If you think about it, why would they be able to raise money, paying someone else in the process, while so many hungry little birdies are waiting for their share of the worm. And besides, what is left to sell?